HHI Secures $3b in Orders for May

Hyundai Heavy Industries Co said it secured orders for 31 vessels worth $3.3b in May. According to AFX News, it is the largest ever monthly shipbuilding orders total. The figure, which beat the previous record of $2.6b set a year ago, includes its affiliate Hyundai Samho Heavy Industries' orders for seven ships worth $700m. In the five months to May, Hyundai Heavy and Hyundai Samho's orders totaled $8b for 82 ships. Driven by a rise in international trade and freight rates, the company expects more new orders in the coming months. As of May, Hyundai Heavy and Samho's backlog of orders has reached 290 ships,worth $28b, which will keep its shipyard busy for at least 3.5 years. Source: AFX News