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.