Hyundai Heavy Industries Reveals 29 Ship Orders in 2018

Business & Finance

2018 seems to be off to a good start for South Korean shipbuilders as they reveal a strong demand for newbuilds in the first quarter of this year amid market’s accelerating recovery.

Hyundai Heavy Industries (HHI) said last week that the ordering tally so far this year includes orders for 29 ships, worth USD 2 billion.

These include 3 LNG carriers, eight LPG carriers, 10 oil tankers, 6 container vessels and two very large ore carriers.

The latest order reported on Monday, March 6 was for two LNG carriers from an undisclosed European shipowner.

Furthermore, the shipbuilder has raised KRW 1.2 trillion (USD 1.15 billion) from its rights issue.

The net proceeds from the issue will be streamlined to improve the shipbuilder’s financial structure and back investment in technological developments and smart vessels.

The shipbuilder plans to keep its focus on gas carrier market amid the anticipated growth of LNG and LPG volumes coupled with the U.S.’s aggressive energy exports policy and China’s eco-friendly energy consumption campaign.

Hence, the company expects to receive additional orders for large-scale LNG carriers.

Hyundai Heavy Industries Group received orders for a total of 15 LNG carriers, including seven options, last year, achieving a market share of over 40 pct in large-size LNG carriers.

For 2018, the group is targeting an orderbook value of USD 13.2 billion, up from USD 9.9 billion from 2017.

World Maritime News Staff