] Hyundai Heavy Industries, South Korea’s leading shipbuilder, said on Jan. 3 that it aims to achieve 7.98 trillion won (US$7.5 billion) in sales this year while its president warned of an unprecedented crisis due to declining order backlogs.
“This year, we could face a grave situation that we have never gone through before,” Hyundai Heavy Industries President and CEO Kang Hwan-goo said in his New Year’s speech.
He warned that Hyundai Heavy Industries could face difficulties due to dwindling order backlogs and that building work for offshore plants would “completely run out in a few months.”
Hyundai Heavy Industries has not won any offshore plant orders for the past two years.
The company’s 2018 sales target was a 60 percent decline from a decade ago.
The shipyard said it is expected to post an estimated 10.03 trillion won in sales for 2017.
By Alex Lee and newswires (email@example.com