S.Korea's Major Shipyards Enjoy Modest Orders In H1

South Korean shipbuilders, led by Hyundai Heavy Industries Co., racked up modest orders in the first half of the year on continued demand for vessels and offshore facilities, putting them on course to meet their yearly targets, industry sources said Wednesday Hyundai Heavy Industries, the world's largest shipbuilder, clinched orders worth US$7 billion in the first six months of the year, achieving 58 per cent of its full-year target of $12 billion.
Samsung Heavy Industries Co., South Korea's No.2 shipyard, won deals valued at $5.1 billion in the January-June period. The shipyard which logged a meager $1.5 billion worth of deals last year set its yearly order target at $8 billion for the year.
Daewoo Shipbuilding & Marine Engineering Co., the country's No.3 shipbuilder, received orders worth $3.2 billion in the first six months of the year. The shipbuilder's full-year goal is $10 billion in orders.
South Korea, home to seven of the world's top 10 shipyards, have thrived in recent years as booming international trade and China's rapid economic development spurred demand for vessels. The global economic slump, however, has impacted demand for new ships.
"It is too early to say if the sector has got on a recovery path, but demand for offshore facilities and high-priced ships are rising steadily," said an official for Hyundai Heavy.
Orders for offshore facilities and platforms helped local shipyards tide over lackluster demand for new vessels, the official said, adding that demand for vessels is also on the rise.