03-03-2017

Korea’s Top Shipbuilders Clinch Just 2 More Orders

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Only one of Korea’s top shipbuilders managed to win an order in February amid an ongoing malaise at home and a global slump.

Hyundai Heavy Industries won an order to build two very large crude carriers (VLCC) from a Greek company, but Samsung Heavy Industries and Daewoo Shipbuilding and Marine Engineering won none.

In January, the three companies only managed to win four vessel and offshore plant orders. But there are hopes that the worst is over as there has been a general increase in VLCC orders recently.

An industry insider said, “Growing numbers of oil refineries are being built in Southeast Asia, so there is increasing demand for oil tankers to carry crude from producers to refiners.”

Increasing demand for liquefied natural gas also raises expectations that more orders will come through for LNG floating storage regasification units and LNG carriers. An insider said, “Greek shipping magnates are issuing more orders as they expect business to improve.”

Source: Chosun

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