S. Korea's top 3 shipyards fare relatively well despite pandemic
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Despite the fallout of the coronavirus
pandemic, South Korea's big three shipbuilders have fared relatively well this
year as they clinch a majority of global orders for liquefied natural gas (LNG)
ships and very large crude carriers (VLCCs), industry sources said Thursday
The trio -- Korea Shipbuilding & Offshore Engineering Co., Samsung Heavy
Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- have
achieved 91 percent, 65 percent and 75 percent of their order targets,
respectively, so far this year.
Comparable figures for last year were 82 percent, 91 percent and 82 percent.
Industry watchers said their performances are relatively good in light of the
fallout from the COVID-19 outbreak, though Korea Shipbuilding downgraded its
order target to $11 billion from $15.7 billion in October.
Korea Shipbuilding is the world's leading shipbuilding group and holding
company of three shipbuilders -- Hyundai Heavy Industries Co., Hyundai Mipo
Dockyard Co. and Hyundai Samho Heavy Industries Co.
The solid performance of the top three shipyards come as they have almost
monopolized global orders for LNG ships, VLCCs and other high value-added
vessels.
The three shipyards have bagged orders for 46 LNG carriers this year, or 73
percent of the 63 orders placed across the world.
In addition, they have won orders for 34 VLCCs, or 81 percent of the 42 global
orders.
Industry sources forecast the trio's orders to rise about 10 percent in 2021
from this year as global orders for LNG carriers and very large container ships
are expected to increase due to tougher environmental regulations and pent-up
demand from the pandemic. (Yonhap)
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