Chonhaiji of Korea announced on May 15 that the ship-block producing company had signed a KRW 24bn ($21.6m) worth of contract for construction of a vessel.
The Korean-owned company inked a deal to build a LBP 105M CLASS PLATE/COIL CARRIER with an attendance of CEO Byun Ki-Chun,  Lee Kyung-Hee, director at logistics company, Kwangyang Marine of Korea, Lee Byung-Wook, director at shipper, POSCO of Korea, the shipper, President Kim Yong-Hwi at ship designer, Mastek Heavy Industries of Korea, representatives of equipment providers and etc.
With the latest newbuilding contract, Chonhaiji could stand on one step higher to become a shipbuilder from Korea’s No.1 block maker, laying foundations for expanding with business diversification through building small and medium sized vessels as a shipbuilding company.  
CEO Byun Ki-Chun said “We, having majored in block production, will make use of block manufacturing experience and grow into a leading builder for small and medium sized ships with passion and determination of executives and staff.”
The newbuilding is the third generation of class plate/coil carrier developed by the shipper, POSCO, the logistics company Kwangyang Marine and ship designer Mastek Heavy Industries for around three years. When the vessel is successfully constructed and operated, existing old vessels will be replaced in order.