Korea's HHI reports newbuilding order surge

JUNE 1, 2017 — South Korea's Hyundai Heavy Industries (HHI) Group, the world's largest shipbuilding group, said today that it won orders for 62 ships worth $3.8 billion in the January-May period this year: a 500% plus increase for the comparable period last year when the shipbuilder won orders for 12 ships worth $1 billion.

In May alone, HHI Group booked orders 20 ships worth $1.3 billion, a total number and value that could increase to 29 ships and $1.9 billion should all options be exercised. The total number of ships HHI Group won by the end of May, 62, is equivalent to 51% of its annual ship order target of $7.5 billion.

According to Clarkson's the HHI Group's share of global orders thus far this year amounts to much as 67% (28 ships) of 100,000 DWT or bigger tankers, and 50% (14 ships) of VLCCs.

"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," said an HHI Group official. "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."

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