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I FAR EAST UPDATE HHI Starts '97 Strong Korean yard wins bulker contract from Norway's Bergesen to start year by Alan Thorpe international editor ' —L*? -1 feffi lc>J5. - . J? - ® v Ihe first major newbuilding contract |for 1997 was Norway's Bergesen order for a 172,000-dwt bulk car- rier from South Korea's Hyundai Heavy Industries (HHI) for $49 mil- lion. The vessel, when delivered in 1998, will enter a 15-year long term charter with British Steel. The long drawn out Kuwait Oil Tanker Co. (KOTC) saga is set to reach fruition later this= month, with HHI expected to win an order two VLCCs, with an option for another.^^"he price is believed to be in the region of $80 mil- lion each. The negotiations for this deal have taken two years to complete, oaer South Korean and Japanese yards beingJ/ne only com- petition. HHI is also one of the favafites to win an order from Malaysian International Shipping Corp. (MISC) for two 105,0flG-dwt tankers. The yard has two similar yfssels on its books, ordered by MISC d^ing 1995. Another shipowner intereste