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

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Shipbuilding

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1433 sec (7 req/sec)