HHI Reports Surge in Shipbuilding Orders

South Korean shipbuilder Hyundai Heavy Industries (HHI) Group said it has won 62 new ship orders worth $3.8 billion for January-May period this year, a 500 percent increase for the comparable period last year when it received 12 ship orders worth $1 billion.

 

In May alone, HHI Group netted 20 ships worth $1.3 billion, and the total number and value of ships HHI Group won in May can be increased to 29 ships and $1.9 billion if all the options the group has are to be exercised. The total number of ships HHI Group won by the end of May, 62, is equivalent to 51 percent of its annual ship order target of $7.5 billion.

 

According to Clarkson’s Report, HHI Group secured as much as 67 percent (28 ships) of 100,000 DWT or bigger tankers, and 50 percent (14 ships) of very large crude carriers (VLCC) that are ordered globally this year to date.

 

An HHI Group official said, “Considering an array of inquiries for VLCC and LNG carriers we have been receiving lately, we expect to surpass our annual order target this year. Bearing that in mind, we are redoubling our marketing efforts to meet clients’ needs on the back of our stronger fiscal soundness and differentiated shipbuilding expertise.”