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Hyundai Samho Heavy wins order to build five ships

Aug 27,2019
Hyundai Samho Heavy Industries, a local shipbuilder, said Monday it has won orders to build five ships - two liquefied petroleum gas (LPG) carriers and three petrochemical carriers - for some 410 billion won ($337 million) combined.

Under a deal with an unidentified Asian customer, Hyundai Samho will build two LPG carriers with a cargo capacity of 84,000 cubic meters (2.97 million cubic feet) by November 2021 for 197.3 billion won.

The company added it has also secured a 211 billion-won order from an Asian shipper to build three petrochemical carriers by September 2021.

Hyundai Samho, under Hyundai Heavy Industries Group, posted sales of 1.6 trillion won in the first half of the year, down 35 percent from a year earlier, but its operating profit swung to black over the cited period.

Korean shipbuilders have seen orders increase over the last few months, taking roughly half of global shipbuilding orders in July.

According to data from British market tracker Clarksons Research on Aug. 13, local shipbuilders won orders to build 10 ships totaling 270,000 compensated gross tonnage (CGT) last month. Considering there were 550,000 CGT orders to build 25 vessels in July, Korean firms took roughly half .