Good day Mariners

Hyundai Heavy Industries has signed the largest number of shipbuilding orders this year of all South Korean listed companies, according the Korea Exchange.

The company racked up KRW4.8231 trillion (US$3.9 billion) worth of new orders up to June 16.

courtesy : baird maritime

“Samsung comes first in its 36 year history ”

Korean heavyweight Samsung Heavy Industries (SHI) has overtaken Hyundai Heavy Industries (HHI), if only temporarily, to hold the world’s largest shipbuilding orderbook, according to data from Clarksons Research Services.

At the end of March, HHI was ahead with 8.5 million CGT to SHI’s 8.0 million CGT, but a surge of orders in April pulled SHI ahead for the first time in its 36-year history.

Courtesy : Baird Maritime

“Cat fight between China and Korea”

Chinese shipyards took full advantage of their low-cost edge over rival shipbuilding nations Korea and Japan. In 2009, China beat Korea to the shipbuilding top spot, having won 44.4 percent of all new orders compared with Korea’s 40.1 percent.

With the world now recovering from the global financial crisis, analysts said that they expected the trend towards building in China to continue. Asiasis commented that this shift was “revolutionary”, since Korea has been at the global shipbuilding top spot for over two decades.

However, while China claims the highest rank in terms of order in take for 2009, Korean builders are more frequently named in the world’s top ten shipbuilders, taking seven spots in total.

For now, Korea continues to hold its own as it focuses on high technology building of vessels such as LNGs, which most Chinese yards are not yet capable of achieving.

Courtesy : Baird Maritime

“Hyundai falls short of 2009 orderbook target ”

Hyundai Heavy Industries missed its US$7.5 billion target for newbuild orders in 2009 by a long shot, inking only US$444 million of orders instead.

A securities filing showed that Hyundai only received US$41 million of new orders in the last quarter of 2009.

London’s Clarkson Research Services data showed that this consisted of three tankers, two 180,000DWT bulkers and one FPSO. This order included two contract alterations to existing orders.