Hyundai Heavy Industries, the world's largest shipbuilder, said that March orders increased 42 per cent, helped by demand for new vessels to transport fuel and consumer goods.
Orders for vessels, engines and other products climbed to US$2.5 billion last month from US$1.76 billion a year earlier, the Ulsan, South Korea-based company said in a regulatory filing yesterday. Shipbuilding contracts increased 16 per cent to US$1.45 billion in March, it said.
Shipyards in South Korea, the world's biggest shipbuilding nation, are increasing production by adding new docks and extending the length of existing ones as they work through almost four years of backlogs. Hyundai Heavy is building two new drydocks that are expected to start operations later this year.
In the first quarter, Hyundai Heavy received US$10.86 billion in total orders, more than double the US$3.96 billion received a year earlier. Of that total, shipbuilding contracts almost tripled to US$5.87 billion.
A total of 22 vessels valued at US$2.44 billion were delivered in the first quarter, compared with US$1.91 billion a year earlier. Hyundai Heavy had an order backlog of US$34.3 billion at the end of March.
Hyundai Heavy climbed 3.8 per cent to close at 384,000 won in Seoul, before the announcement. The stock has fallen 13 per cent this year, compared with a 5.1 per cent decline in South Korea's Kospi index.
Orders for vessels, engines and other products climbed to US$2.5 billion last month from US$1.76 billion a year earlier, the Ulsan, South Korea-based company said in a regulatory filing yesterday. Shipbuilding contracts increased 16 per cent to US$1.45 billion in March, it said.
Shipyards in South Korea, the world's biggest shipbuilding nation, are increasing production by adding new docks and extending the length of existing ones as they work through almost four years of backlogs. Hyundai Heavy is building two new drydocks that are expected to start operations later this year.
In the first quarter, Hyundai Heavy received US$10.86 billion in total orders, more than double the US$3.96 billion received a year earlier. Of that total, shipbuilding contracts almost tripled to US$5.87 billion.
A total of 22 vessels valued at US$2.44 billion were delivered in the first quarter, compared with US$1.91 billion a year earlier. Hyundai Heavy had an order backlog of US$34.3 billion at the end of March.
Hyundai Heavy climbed 3.8 per cent to close at 384,000 won in Seoul, before the announcement. The stock has fallen 13 per cent this year, compared with a 5.1 per cent decline in South Korea's Kospi index.