Korea's Top 3 Shipbuilders' Shaky Performance
The value of contracts signed by Korea's big-three shipbuilders— Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries — fell far behind the amount they projected for this year, reports The Korea Herald.
Meanwhile, Arirang reported that the third quarter earnings of Korea's top 3 are likely to be in the black.
Samsung Heavy Industries did not sell a single vessel during the first eight months of this year. Its yearly outcome, however, may differ as the company is currently negotiating a deal worth as much as $2.7 billion. The pitch came after the firm announced its plan to issue new stocks to increase capital.
Meanwhile, Hyundai Heavy Industries is considering spinning off its electricity and electronic, and construction equipment segments by the first half of 2017.
Daewoo Shipbuilding is working to put together a contingency plan, as its performance lagged far behind its worst-case scenario.
Korea Investment and Securities says Hyundai Heavy Industries is expected to post the largest operating profit of three-hundred-three million U.S. dollars and sales of eight and-a-half billion dollars.
Samsung Heavy Industries is forecast rack up sales of two.one-four billion dollars and post an operating profit of some 52-million dollars.