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

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