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Marine Log

January 6, 2008

Hyundai Heavy Industries sets $26 billion 2008 order target

Hyundai Heavy Industries Co., the world's largest shipbuilder, said Sunday (Jan. 6) it is targeting more than $26 billion in orders this year thanks to strong demand for drilling rigs and other maritime equipment, reports Korea Overseas Information Service.

The target, which compares with last year's orders of $25.8 billion, beats the shipbuilder's earlier forecast that it would set this year's goal at a level below last year's amount.

The upward revision results setting the target for orders for rigs and other maritime equipment at $5 billion, compared with orders worth $2.3 billion last year.

The company expects the value of this year's ship orders to hover somewhat below last year's orders of $23.5 billion.

Meanwhile, Samsung Heavy Industries Co., the world's second-largest shipyard, aims to take in $15 billion to $16 billion in orders this year, while Daewoo Shipbuilding & Marine Engineering Co., the world's No. 3 shipbuilder, is targeting $17.5 billion, industry sources said.

Shipyards in Korea currently have enough orders to keep them busy for about four years.