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Saturday, July 21, 2018

South Korean Shipyards Aim More Orders

Maritime Activity Reports, Inc.

January 1, 2018

Phto: Samsung Heavy Industries

Phto: Samsung Heavy Industries

 South Korean shipyards have sharply raised their order targets for next year on expectations that the shipbuilding sector will improve, Yonhap reported.

 
The country's three major shipyards - Samsung Heavy Industries (SHI), Daewoo Shipbuilding & Marine Engineering (DSME),  and Hyundai Heavy Industries (HHI) - are looking at improving business conditions  on the back of a recovery in the global economy and stable oil prices.
 
The report quoted industry sources saying that HHI is targeting US$13.2 billion worth of new orders next year, up 76 percent from this year's $7.5 billion. This year, it clinched $10 billion worth of orders.
 
SHI aims to secure $7.7 billion worth of orders next year, up 18 percent from this year's $6.5 billion, according to the sources. The shipyard also won higher-than-expected orders this year at $6.9 billion.
 
DSME set its annual order target for next year at over $5 billion. This year, it bagged $2 billion in new orders.
 
The report said that local shipyards are still struggling with a decline in the order backlog as they have suffered a sharp drop in new orders in the past two years.
 
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