S.Korean shipyards win combined US$2.3 bln in orders

Hyundai Heavy Industries Co., the world's largest shipbuilder, and two other South Korean shipyards said yesterday that they have received orders valued at a combined 2.4 trillion won (US$2.32 billion) to build 17 ships. Hyundai Heavy Industries won an order from a European shipping company to build 13 container vessels worth 1.22 trillion won. The company said it expects to receive a record $16.7 billion of shipbuilding orders for the six months until June. It is expecting to win orders valued at $29.4 billion this year.
Meanwhile, Samsung Heavy Industries Co. (KSE:010140), the world's second-largest shipyard, said in a regulatory filing that it has won a contract from a U.S. company to build a drill ship for 701.8 billion won.
Daewoo Shipbuilding & Marine Engineering Co., the industry's No.3 player, said it has received an order from Europe to build three tanker ships for 481 billion won.
Shipyards in South Korea, the world's largest shipbuilding nation, are increasing production capability to meet rising demand with their backlogs stretching into 2012.
Shares of Hyundai Heavy Industries were trading at 319,000 won on the Seoul bourse as of 1:09 p.m., down 1.54 percent, while Daewoo Heavy and Samsung Heavy changed hands at 41,750 won and 37,800 won, respectively, down 3.02 percent and 3.21 percent.

Source: Trading Markets