South Korean shipbuilders have finally climbed out of their long slump to seize the largest number of new shipbuilding orders in the first half of the year.
According to global shipping information provider Clarkson Research on Monday, orders placed at Korean shipyards more than doubled from a year-ago period to 2.56 million compensated gross tons (CGTs) in the first half ended June 28. Korean Inc. has returned to the No. 1 spot in order book with a 34 percent dominant share after skidding from the peak in 2012.
The three major players have been under rigorous restructuring since last year.
Hyundai Heavy Industries Co. and its affiliates Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. secured 72 new orders worth $4.2 billion, compared with just 13 orders won in the same period last year. The first-half performance already achieved 60 percent of their annual sales target of $7.5 billion.
Shares of Hyundai Heavy ended Monday at 175,000 won ($152.9), down 0.85 percent or 1,500 won from the previous session.
Samsung Heavy Industries Co. clinched 13 orders worth $4.8 billion in the first half. It won fewer orders than Hyundai Heavy but the value was bigger as they included two offshore drilling facilities - for a floating production unit and floating liquefied natural gas - worth $3.77 billion.
Daewoo Shipbuilding & Marine Engineering Co., which drew another government-sponsored bailout, seized seven orders worth $770 million in the same period, already 76.2 percent into its target of 2.71 trillion won for this year.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]