South Korean shipbuilders and construction companies are enjoying benefits from profitable orders from overseas, particularly Mideast countries that have huge currency reserves thanks to strong crude oil prices
. The country’s three main shipbuilders have clinched contracts worth $18b in the first quarter, up more than 400 percent from a year earlier. They have already attained over 40 percent of their yearly targets. Hyundai Heavy Industries Co.
, the world’s largest shipbuilder, and its two affiliates won orders worth $5.1b in the January-March period, compared with their full-year target of $12.5b. Hyundai Heavy alone received $2.3b worth of orders in the first quarter, approaching its yearly target of $7.4b. In March, the shipbuilder won orders for 24 vessels worth $2.6b, a record sale on a monthly basis. Its shipbuilding and repair arm, Hyundai Mipo Dockyard Co. garnered contracts worth $1.6b in the period. An affiliate, Hyundai Samho Heavy Industries Co.
, won $1.2b worth of orders in the first quarter. The world’s second largest shipbuilder, Daewoo Shipbuilding and Marine Engineering secured orders worth $4.5b in the first three months, or 45 percent of its yearly target of $10b. Its quarterly performance was more than the full-year sale of $3.9b in 2003. It received $6.8b worth of orders last year, up from $6.6b worth of orders in 2004. Samsung Heavy Industries Co., the third-largest shipbuilder in the world, won $3.4b worth of orders in the three-month period, or 44 percent of its full-year goal of $7.7b. The company was recently commissioned to build three LNG vessels with a capacity of 266,000 cubic meters each, the biggest order for LNG carriers ever placed. Last month, it also won a $550m deal to build an oil-drilling ship. (Source: Monsters and Critics.com)