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The Korea Herald
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THE INVESTOR
March 19, 2024

Industrials

Korean shipyards optimistic on rising orders

  • PUBLISHED :May 29, 2017 - 10:35
  • UPDATED :May 29, 2017 - 10:35
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[THE INVESTOR] Korean shipbuilders are optimistic that they may be able to pull out of a drawn-out slump on the back of rising new orders, industry sources said on May 29.

According to the sources, Samsung Heavy Industries, one of the country‘s top three shipbuilders, has recently clinched a US$100 million deal to build two LNG carriers from a local shipping firm, raising this year’s total orders to US$2.3 billion, to build 12 ships in total.

It is also expected to bag a US$2.5 billion deal to build a floating LNG facility soon, meeting 74 percent of its annual order target of US$6.5 billion, the sources said.

Hyundai Heavy Industries and its affiliates have clinched orders worth a combined US$2.3 billion so far this year to build 39 ships, with HHI securing US$1.4 billion worth of orders alone.

Their new order tally marks roughly an over 30 percent rise from the same period a year earlier, sources said.

Market watchers said demand for very large crude carriers has been on the rise because of a fall in their building prices. 

By Alex Lee and newswires (alexlee@heraldcorp.com)

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