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

People & Company News

Panama's Alfonso Castillero Moves to Liberian Registry

The Liberian Registry informs that Alfonso Castillero, former Director-General of the Panama Registry, has joined their organization as Vice-President. Castillero

Bulk Grain Carrier Aground in Lake St. Claire

The Coast Guard informs it is responding to a 36,563 dwt 656-foot freighter that is hard aground in the downbound shipping channel of Lake St. Clair. Coast Guard

Costa Concordia Arrives Genoa for Demolition

Crowley Maritime Corp. subsidiary TITAN Salvage and project partner Micoperi has confirmed that the Costa Concordia – the Concordia-class cruise ship that wrecked off Giglio Island,

Shipbuilding

Horizon Delivers 4th 74’ Towboat for Canal Barge Co.

Horizon Shipbuilding, Inc., Bayou La Batre, AL, has delivered the fourth in a series of 74’ towboats to Canal Barge Company, Inc. of New Orleans, LA.    The Jane

HydroComp to Hold Propeller 'Mini-Workshop'

A special version of HydroComp's intensive Propeller Workshops will be brought to Tampa before the start of IBEX 2014.   The Mini-Workshop is a special version

Danos Adds Environmental Services

Danos recently added an Environmental Services Division to the company’s collection of oilfield related services, which includes production workforce, construction,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.1306 sec (8 req/sec)