Tankers fuel building boom
Posted: 30 April 2007
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South Korean shipbuilders racked up large overseas orders in the first quarter of the year on continued demand for oil tankers and liquefied natural gas (LNG) ships, leaving them on course to exceed their yearly targets.
Hyundai Heavy Industries, the world’s largest shipbuilder, clinched orders worth $2.4 billion in the January-March period, compared with its full-year target of $9.2 billion.
Affiliate, Hyundai Mipo Dockyard won orders worth $2.3 billion in the first three months of the year. Hyundai Mipo’s full-year target for shipbuilding orders is set at $3.6 billion.
Another sister company, Hyundai Samho Heavy Industries, received orders worth $2 billion during the period, 43.4% of its full-year target.
South Korea, home to seven of the world’s top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.
Daewoo Shipbuilding & Marine Engineering, the world’s second largest shipbuilder, posted orders worth $2.4 billion in the first quarter, compared with its yearly target of $11 billion. Samsung Heavy Industries, the third-largest, won $3.5 billion worth of orders in the three-month period, or 31.8% of its full-year goal of $10 billion.
STX Shipbuilding, the world’s seventh-largest shipbuilder, clinched orders worth $1.4 billion in the first quarter of the year. The figure is up 40% from a year earlier. The shipbuilder targets $4.5 billion in orders this year.
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