BS Hanyang Consortium has secured a contract for the Gwangyang (Yeocheon) Port Myodo-Sudo route straightening project, valued at 195.7 billion won.
On August 20, BS Hanyang announced that its consortium was selected as the final candidate for the project, which was commissioned by the Ministry of Oceans and Fisheries. The consortium includes BS Hanyang as the lead contractor, along with Taeyoung Construction, Daewoo Engineering & Construction, Dongbu Construction, and HJ Heavy Industries.
This project aims to improve the congested shipping conditions in the waters near Myodo-dong in Yeosu, Jeollanam-do. It will widen the Myodo-Sudo route from the current 185 meters to 300 meters and deepen the water to 10.5 meters over a 2,760-meter stretch around the Yeosu National Industrial Complex and Gwangyang Port.
The total project cost is approximately 195.7 billion won, with a construction period of 70 months from the start date. It will be executed using a turnkey bidding method.
Upon completion, the project is expected to facilitate the safe docking of vessels up to 17,000 DWT (deadweight tonnage), enhancing shipping safety and alleviating congestion for both ships and cargo, according to BS Hanyang.
BS Hanyang plans to conduct detailed design work for 90 days after starting preliminary construction. They aim to finalize the main construction contract and commence work as early as December this year.
A representative from BS Hanyang stated, "The stable docking of large vessels and ensuring navigation safety, along with a safe excavation method through precise ground assessments and designs to prevent water pollution in collaboration with the fishing industry, were highly evaluated, leading to this positive outcome. We will implement a thorough safety management system throughout the construction process to create a high-quality route."
Meanwhile, BS Hanyang reported on August 18 that its operating profit for the first half of this year reached 97.3 billion won, a 101.4% increase compared to the same period last year. Revenue was 758.9 billion won, and net profit was 65.5 billion won, reflecting increases of 52.5% and 172.9%, respectively. The company attributed its improved performance to a reduction in low-profit projects and a focus on profitable selective bidding.
* This article has been translated by AI.
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