Samsung Heavy Raises Order Target

Thursday, August 24, 2006
According to Bloomberg, Samsung Heavy Industries Co., raised its target for new orders this year 56 percent as growing global trade and higher demand for oil products have prompted shipowners to buy more vessels.

Samsung Heavy expects to win $12b of orders this year, an increase from its earlier forecast of $7.7 billion, the shipyard said in an e-mailed statement today. So far, the company won contracts valued at a record $10.1 billion this year.

A.P. Moeller-Maersk A/S, Royal Dutch Shell Plc and other companies have increased investment in fuel production and transportation with oil prices at record levels, helping Samsung Heavy and other shipyards in South Korea win more contracts. The South Korean companies have order backlogs that will keep them busy for more than three years.

Samsung Heavy shares rose 1.6 percent in Seoul to close at 22,250 won, the highest in more than two weeks. The stock has gained 25 percent this year, making it the fifth-best performer among 50 top companies trading on the key Kospi index.

Samsung Heavy has been focused on winning orders for higher- priced vessels, costing an average $160 million per ship this year, the company said in the statement.

Container Ships The shipyard today received an order from Hanjin Shipping Co., South Korea's largest shipping line, to build five vessels that can each carry 10,000 20-foot standard containers for $664 million. Delivery will be made by June 2010. source: Bloomberg

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

People & Company News

Cove Point LNG Export Facility Gets US FERC Approval

U.S. federal regulators on Monday approved construction of Dominion Resources Inc's liquefied natural gas export project in Cove Point, Maryland. Cove Point is the fourth U.

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

MAN Propulsion Packages for New Icelandic Trawlers

MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship

Shipbuilding

Aker Evaluating Future of US Shipyard, ASC

Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto

MAN Propulsion Packages for New Icelandic Trawlers

MAN Diesel and Turbo inform that Icelandic owners, HB Grandi, Vinnslustodin hf. and Hradfrystihusid Gunnvör, have ordered newbuildings based on two different ship

Crowley Receives Heavy-Lift Deck Barge in Singapore

Crowley Maritime Corporation’s solutions group announced today that it has received the first two of potentially four, new heavy-lift, ballastable deck barges (HDBs)

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Simulators 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: 0.2058 sec (5 req/sec)