'Big 3' Shipbuilders Likely to Win $20B in Orders

The world’s top three shipbuilders - Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) - are each expected to receive $20 billion worth of ship orders this year in what market observers say is a milestone in the industry, according to a report in the Korea Times.

Hyundai Heavy, which has reaped $15.7 billion worth of contracts so far this year, is reportedly negotiating with European companies to build more high-value added larger container ships.Samsung Heavy also expects to receive $20 billion worth of contracts this year. On Tuesday, Samsung announced it has won a $1.2 billion contract to build two drillships from an unidentified company. The company said it will deliver the vessels by March 2011. DSME also has recently revised its contract target up to $17 billion. Last month, DSME received an order to build ships and marine facilities worth $2.1 billion. Nine super-size container ships and one drill ship from a European company will be delivered by 2011. South Korea, home to seven of the world’s top 10 shipyards, has won all the contracts to build a total of 11 drillships so far this year.

[Source: The Korea Times]