Korea’s Big 3 Shipyards Move Closer to Achieving Annual Targets

South Korea

Korea’s shipbuilding industry, which succeeded in receiving new orders only occasionally past years, is witnessing an influx of new orders this year. Hyundai Heavy Industries and Samsung Heavy Industries have already achieved more than a half of their annual targets.

According to industry sources on June 4, Samsung Heavy Industries achieved 74 percent of its annual order-receipt target, the highest among the nation’s big-three shipyards.

Samsung won orders for 13 ships worth US$4.8 billion so far this year, including eight tankers, two LNG carriers, one LNG-FSRU, one FLNG, and one FPU. This volume is equivalent to 74 percent of its annual target set at $6.5 billion.

Given that Samsung failed to win any new order in the first five months of last year, this year’s performance represents an outstanding improvement.

Hyundai Heavy Industries Group also achieved more than a half of its annual target. The group’s three shipbuilding units, namely Hyundai Heavy Industries, Hyundai Samho Heavy Industries, and Hyundai Mipo Dockyard, won orders for 62 ships worth $3.8 billion in the January-May period of this year, a more than five-fold increase compared to a year ago.
Source: The Korea Economic Daily

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