South korea's Hanjin Heavy Industry Co has landed a US$224 million shipbuilding order on the back of a rise in shipping volumes and freight rates.

The order comprises four large container ships that will be delivered by the end of 2010, reports The Associated Press.

Another of the nation's shipbuilders, STX Shipbuilding, has also recently received an order for bulk ships worth $193 million, also for delivery in 2010.

Both companies said that the contracts came from an unidentified European company, which AFX News has named as Delphis of Belgium.

It said this latest contract brings the number of vessels on the Hanjin Heavy Industry's order book to 17 worth $1.3 billion, meaning the company is on target to achieving its goal of taking $1.7 billion worth of contracts for newbuilds by the end of the decade.