S. Korea's Shipbuilders Exceed $30b

Monday, December 11, 2006
According to Korea Herald, South Korea's top three shipyards won stronger-than-expected shipbuilding orders worth over US$30 billion in the first 11 months of the year on strong contracts, industry sources said Sunday. The three -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth a combined $35.6 billion for ships and marine oil-drilling facilities by the end of November, the sources said. They surpassed their yearly target of $28.5 billion by 25 percent and the value of their full-year orders is forecast to exceed the $37 billion, given ongoing contracts, they said. The shipbuilders' impressive performance in the first 11 months was attributed to strong demand for oil-drilling facilities and high-priced ships such as LNG carriers and large container vessels.

In the first 11 months of the year, Hyundai Heavy Industries, the world's No.1 shipbuilder, received orders of $13.3 billion, with Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, the industry's No. 2 and No. 3 players, garnering orders of $10.6 billion and $11.7 billion, respectively. In particular, Daewoo Shipbuilding & Marine Engineering topped the list of the world's offshore plants, receiving orders of offshore plants worth $4.2 billion, more than tripling last year's orders of $1.47 billion.

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