South Korea’s HHI Aims for 30.6 Billion New Orders for 2012

One of the world’s biggest shipyards and South Korea’s leading shipbuilder, Hyundai Heavy Industries Co., has revealed its objective to win $30.6 billion in new orders for upcoming 2012, it would be a 20 percent increase for HHI.

The shipyard is also targeting sales of 27.54 trillion won this year, compared with last year’s 25.2 trillion won. The company’s orders jumped 48% on-year to $25.5 billion in 2011, due to the growth of its shipbuilding and offshore plants businesses.

The recent rise in vessel orders and prices has brightened the outlook for shipbuilders.

Although the global economic situations are posing challenges for the industry as a whole, the recent rise in vessel orders and prices has brightened future expectations for shipbuilders.

Hyundai Heavy‘s Shipbuilding Division, the world’s number one shipbuilder, leads the shipbuilding industry with a 15% share of the market. The Hyundai shipyard stretches over four kilometers along the coast of Mipo Bay in Ulsan, Korea. The Shipbuilding Division is capable of building all types of ships to meet various demands from its clients. It has nine large-scale dry docks with seven huge ‘Goliath Cranes’. Since the shipyard’s groundbreaking in 1972, Hyundai Heavy’s Shipbuilding Division has garnered many awards and set many records within the shipbuilding industry.

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Shipbuilding Tribune Staff, January 2, 2012;