Hyundai Heavy, Daewoo Win $4.9b in Contracts

Source: Trading Markets


Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. said that they have won a combined $4.9b worth of deals in the past week to build 30 vessels, including oil tankers and bulk carriers.

During an international shipping exhibition held in Greece last week, Hyundai Heavy Industries, the world's largest shipyard, received deals valued at $2.4 billion to build 22 ships, including 16 oil tankers. So far this year, the shipyard has won deals worth $12.3 billion to build 94 vessels, up 37 percent from a year earlier.

Daewoo Shipbuilding has received $5.6 billion worth of orders this year, achieving about a third of this year's target of $17.5 billion. Its backlog reached $41.5 billion.

Shipyards in South Korea, the world's largest shipbuilding nation, are building new docks and expanding facilities to meet increased global shipbuilding demand.