Many 1Q Orders for South Korean Shipbuilders

South Korean shipbuilders racked up large overseas orders in the first quarter, keeping them on course to far exceed yearly targets, Korea Times reported. Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth $2.3 billion in the January-March period, compared with its full-year target of $7.4 billion. Its two affiliates - Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries - won a combined $2.75 billion worth of orders in the first quarter. The three shipbuilders aim to garner orders worth $12.5 billion for all of 2006. Daewoo Shipbuilding & Marine Engineering, posted orders worth $4.5 billion in the first quarter, or 45 percent of its yearly target of $10 billion. Samsung Heavy Industries Co. won $3.4 billion worth of orders over the same period, or 44 percent of its full-year goal of $7.7 billion. (Source: Korea Times)