Hyundai Heavy, Daewoo Shipbuilding miss order targets in 2008

SEOUL, Dec. 18 (Yonhap) -- Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., the world's No. 1 and No. 3 shipbuilder, missed their order goals this year as the global economic recession has dampened demand for new vessels, an industry source said Thursday.

Still, some analysts say the nation's top three shipbuilders, including world's
No. 2 shipyard Samsung Heavy Industries Co., pared well as they had secured
enough orders to keep them busy over the next three years, despite the abrupt
downturn in the global shipping industry.
So far this year, Hyundai Heavy won orders worth US$21.9 billion, accounting for
75.5 percent of its original target.
Daewoo Heavy received orders worth $11.7 billion, compared with its goal of $17.5
billion.
Samsung Heavy was the only shipyard among the world's top three shipbuilders to
meet its order goal of $15 billion.
Last week, a research unit of state-run Korea Development Bank predicted that new
orders for South Korean shipbuilders would plunge 28.6 percent next year due to
the deepening global recession.
(END)

Download this as a file