21-06-2017

Korea’s 3 leading shipyards stay at top of global order backlog ranking

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South Korea’s three major shipyards– Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co. and Hyundai Heavy Industries Co. — maintained their top global ranking in terms of order backlog, industry data showed Tuesday.

According to the data compiled by industry tracker Clarkson Research, Daewoo Shipbuilding’s Geoje shipyard stood at 88 ships representing 6.26 million compensated gross tons, as of end-May, followed by Hyundai Heavy’s Ulsan shipyard with 65 vessels, or 3.33 million CGTs.

Samsung Heavy’s Geoje shipyard came in third with 60 ships totaling 3.20 million CGTs.

Hyundai Heavy’s two affiliates — Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. — came in sixth and eighth in terms of order backlog, respectively, with 1.73 million CGTs from 45 ships and 1.57 million CGTs from 74 ships, the latest data showed.

Daewoo Shipbuilding and other South Korean shipyards have been suffering from heavy losses in their offshore projects and an industrywide slump.

Late last month, creditors announced a fresh rescue package worth 6.7 trillion won ($5.93 billion) for Daewoo Shipbuilding, the second round of bailouts for the shipbuilder that has been suffering from severe liquidity problems over heavy losses in its offshore projects.

After weeks of negotiations, Daewoo Shipbuilding’s bondholders agreed to the rescue package, paving the way for the shipyard to receive a fresh cash injection of 2.9 trillion won.

By shipbuilding group, Hyundai Heavy and its three affiliates held a combined 7.19 million CGTs, followed by Daewoo Shipbuilding and its two shipbuilding units with a combined 6.4 million CGTs, they showed.

Source: Yonhap

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