Hyundai Heavy Profit Climbs

Bloomberg has reported that Hyundai Heavy Industries said that its third-quarter profit rose 21 percent as it charged more to build oil tankers, cargo ships and liquefied natural gas carriers. Net income rose to 201.9 billion won, or $210 million, from 167.2 billion won a year earlier, the shipbuilder said in a regulatory filing. Sales increased 22 percent to 3.14 trillion won. Hyundai Heavy, Daewoo Shipbuilding & Marine Engineering and other Asian yards are benefiting from increased investment in fuel production and transportation, as demand for oil increases worldwide. South Korean shipyards have a backlog of orders that will keep them busy for more than three years. Source: Bloomberg