Hyundai Heavy targets US$21.1 bln in orders this year

SEOUL, March 13 (Yonhap) -- Hyundai Heavy Industries Co., the world's leading
shipbuilder, said Friday that it is aiming at winning US$21.1 billion worth of
orders this year, down 33 percent from last year's figure.
Last year, the shipbuilder clinched orders valued at a record of $28.2 billion,
up 12.77 percent from $25 billion a year earlier, mainly thanks to rising demand
for high-priced ships.
But it is unclear whether the shipbuilder will be able to achieve the target.
Hyundai Heavy has had no shipbuilding orders since October last year, as demand
for new vessels has dropped sharply since the third quarter of 2008 as worldwide
financial turmoil eroded sales of commodities and consumer goods.
Hyundai Heavy also said it would post 22.88 trillion won ($15.37 billion) in
sales this year, compared with last year's 19.96 trillion won. It also plans to
invest 1.43 trillion won for facility upgrade and expansion.
sam@yna.co.kr
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