Hyundai Heavy Targets 20% Growth in 2012

Reuters reports that Hyundai Heavy Industries, the world's biggest shipbuilder, expects order growth to more than halve to 20 percent this year as the world economy continutes to sputter. The conservative outlook adds to recent order cancellations in the global shipbuilding sector as economic turmoil and tighter bank lending have compounded growing earnings pain for ship owners. Hyundai, which also makes marine engines and construction equipment, repotedly targets winning $30.6b in orders and earn 27.6 trillion won ($24b) in revenue this year. (Source: Reuters)