Korean Shipbuilders' Orders Halved

Yonhap News Agency
Monday, July 02, 2012

Orders won by major South Korean shipbuilders halved in the first six months of 2012 from a year ago

According to a 'Yonhap News Agency' report, the country's three biggest shipbuilders -- Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. -- clinched orders worth a combined US$17.3 billion during the January-June 2012 period, down 50.8 percent from a year earlier.

Hyundai Heavy Industries, last year's market leader, secured a mere $4.93 billion in orders over the six-month period, while Samsung Heavy landed shipbuilding deals worth $6.5 billion and Daewoo Shipbuilding won $5.87 billion worth of contracts.

The sharp decline in orders is mainly attributable to weakened demand in Europe, hit hard by severe debt problems.

The top three companies' orders from European buyers accounted for 57.5 percent of their total orders last year, but the rate fell to 39.9 percent in the first half of this year.

"A drop in orders may affect our sales in coming years," said an official of a local shipbuilding company. "We will strive to win orders to build high value-added ships in the second half."



 

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

Shipbuilding

Wärtsilä to Power LNG-fuelled RoPax Ferry

A new passenger ferry being built for Swedish operator Rederi AB Gotland will be fuelled by liquefied natural gas (LNG) and will feature a Wärtsilä integrated solution.

Shipbuilding: NAT Finalizes Deal for Two New Tankers

On December 9, 2014, Nordic American Tankers Ltd. announced that preliminary contracts had been entered into with a South Korean shipyard, for the construction

Damen Outfitting First of Nine Bahamas Patrol Boats

The first of nine Damen Stan Patrol 3007s ordered by the Royal Bahamas Defense Force has arrived at Damen Shipyards Gorinchem in the Netherlands for outfitting.

News

Royal Caribbean to Install Scrubbers on 19 Ships

Royal Caribbean Cruises Ltd. (RCL) will retrofit 19 of its ships with advanced emissions purification (AEP) systems. These systems, also known as scrubbers, will

S.O.S. Written on Hawaii Beach Prompts Rescue

A swimmer in distress was rescued by a U.S. Coast Guard (USCG) helicopter after being swept out to sea near Hanakapiai Beach, Kauai, Friday.   A MH-65 Dolphin

Marseille Fos Unveils Multimillion Growth Strategy

The Marseille Fos port authority has set out a vision for growth over the four years to 2018 in a strategic plan that puts developments costing $560 million at

 
 
Maritime Contracts Maritime Standards Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.2914 sec (3 req/sec)