Hyundai Heavy Industries sets $15.9bn new order target for 2019

South Korea’s flagship shipbuilder Hyundai Heavy Industries (HHI) has set a target to secure newbuilding orders with combined value of $15.9bn this year.

The shipbuilding group has allocated an $8bn new order target for Hyundai Heavy Industries, $4.3bn for Hyundai Samho Heavy and $3.5bn for Hyundai Mipo Dockyard.

The combined target of HHI marks a 20.7% increase from last year’s goal of $13.2bn, with the company securing $13.7bn worth of deals in 2018.

HHI said it will continue making efforts to cut production costs to maintain profitability and return to profit this year.

The year of 2018 is a revival year for the shipbuilding industry in South Korea. The three major shipbuilders in the country HHI, DSME and Samsung have been awarded orders with combined value of $26.8bn, a growth of 34% year-on-year, thanks to the increase of new orders for LNG carriers.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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