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Hyundai Corporation Secure an Order of 2 Cargo Car

Hyundai Corporation Secure an Order of 2 Cargo Carriers of
2,600 DWT < Financial News, e-daily, etc >

Hyundai Corporation’s affiliate Qingdao Hyundai Shipbuilding concluded the first
contract on shipbuilding.

On Sept. 11, Hyundai Corporation revealed that its Chinese affiliate “Qingdao Hyundai
Shipbuilding’” earnestly started building ships as it won the order of two general cargo
carriers.

Hyundai Corporation concluded a contract with Mirai Shipping of Panama on building
two general cargo carriers of 2,600 DWT on Sept. 9 in the Grand Meeting Room of its
Headquarters in Seoul.

Qingdao Hyundai Shipbuilding will start building the ships in conformity with the
contracted in the late of this year and deliver them into the shipper Mirai Shipping
in Oct. and Sept. 2006.

Then Shin Sung Shipping, the domestic mid-sized outbound company, will charter the
ships on a long-term basis that can load steel materials, general merchandise and crops.

Mr. Jung, the managing director of Hyundai Corporation said “This order is all the more
significant because it is the first contract to show the earnest operation of Qingdao
Hyundai Shipbuilding. Moreover, as many companies both at home and abroad are more
requesting advice, only the hand-picked contract with high added value will get the volumes
enough for the next two or three years.”

Qingdao Hyundai Shipping, the affiliate of Hyundai Corporation has established as it entered
into the shipbuilding industry, has been launched in the board-hanging ceremony
in Kyonam, Qingdao, China in last June.

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