Hyundai to charter five 6,800-TEU ships via joint venture

Hyundai to charter five 6,800-TEU ships via joint venture    Hyundai Merchant Marine has formed a joint venture with London-based ship manager Zodiac Maritime Agencies to build and operate five 6,800-TEU ships that will be chartered to the Korean shipping company.
   The five vessels will be delivered between May and November 2006. They will be deployed by Hyundai in the
Asia-Europe trade.
   Hyundai said that a new joint-venture company will be responsible for the initial order, with Hyundai operating four of the vessels on long-term charter. The fifth ship will be ordered by Zodiac Maritime, followed by a long-term charter to Hyundai.
   Hyundai did not disclose how much Zodiac Maritime would contribute to the financing of the vessels.
      As part of the agreement, Hyundai will own two of the first four vessels after 12 years, with any profit divided equally between the participating partners.