Report: HHI Leads Drop in Shipbuilding Stocks

Thursday, January 17, 2008
According to reports, Hyundai Heavy Industries Co., led declines among shipyard stocks on concern of fewer orders for vessels this year after bulk rates fell the most since June 1989. Hyundai Heavy dropped 6.6 percent, the biggest decline in almost five months, to close at 382,500 won. Unit Hyundai Mipo Dockyard Co. declined 6.5 percent, the largest loss in two months, to 244,000 won. Bulk rates plunged last week on concern economic slowdowns in China, the world's biggest buyer of iron ore used to make steel, and the U.S. may reduce trade demand for commodities and consumer goods. Demand from China, Asia's second-largest economy, last year helped lift fees to a record, prompting vessel orders.

Shipping lines including STX Pan Ocean Co. and Pacific Basin Shipping Ltd. spent a record $179.8 billion in new vessels in the first 11 months of last year, 40 percent more than $124.4 billion invested for all of 2006, according to London-based Clarkson Plc, the world's biggest shipbroker. Hyundai Heavy's net income more than doubled to a record 434.7 billion won ($464 million) in the third quarter, with sales climbing 19 percent to 3.73 trillion won. Samsung Heavy Industries Co., dropped 4.5 percent to 34,300 won. Daewoo Shipbuilding & Marine Engineering Co., the world's No. 3, fell 3.7 percent to 40,800 won. Chinese shipbuilders also declined. Yangzijiang Shipbuilding Holdings Ltd., the nation's second-biggest non-state-controlled shipbuilder, fell 8.8 percent to S$1.56 in Singapore. Guangzhou Shipyard International Co., China's first publicly traded shipbuilder, dropped 2.3 percent to HK$38.20 in Hong Kong. The drop in the bulk rates also pushed shipping line shares lower in Seoul. Hanjin Shipping Co., South Korea's largest, fell 4.6 percent, the steepest decline in almost two months, to 35,200 won. STX Pan Ocean Co., the country's biggest commodities carrier, dropped 3.5 percent to 2,620 won. Source: Bloomberg

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Transocean Fleet Update Summary

Transocean Ltd. today issued a monthly fleet update summary which includes new contracts, changes to existing contracts and changes in estimated planned out-of-service

Country’s Largest Floating Drydock Coming to Portland

The country’s largest floating drydock, the Vigorous, is headed for Portland this weekend. The drydock, a piece of equipment used to lift vessels as large as cruise ships out of the water,

Mozambique: $30b Invested for 2018 LNG Export

More than $30 billion will be invested initially in Mozambique's natural gas sector to build capacity to produce 20 million tonnes per year of liquefied natural gas (LNG),

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1057 sec (9 req/sec)