South Korean shipbuilders racked up large overseas orders in the first quarter of the year on continued demand for oil tankers and liquefied natural gas (LNG) ships, leaving them on course to exceed their yearly targets, industry sources said Tuesday.
Hyundai Heavy Industries Co., the world's largest shipbuilder, clinched orders worth US$2.4 billion in the January-March period, compared with its full-year target of $9.2 billion.
Its affiliate, Hyundai Mipo Dockyard Co., won orders worth $2.3 billion in the first three months of the year. Hyundai Mipo's full-year target for shipbuilding orders is set at $3.6 billion.
Hyundai Samho Heavy Industries Co., Hyundai Heavy's another sister company, received orders worth $2 billion during the cited period, 43.4 percent of its full-year target.
"The first-quarter performance was impressive as foreign companies continued to place shipbuilding orders," a Hyundai Heavy Industries official said.
South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.
Daewoo Shipbuilding & Marine Engineering Co., the world's No. 2 shipbuilder, posted orders worth $2.4 billion in the first quarter, compared with its yearly target of $11 billion.
Samsung Heavy Industries Co., the third-largest shipbuilder in the world, won $3.5 billion worth of orders in the three-month period, or 31.8 percent of its full-year goal of $10 billion.
STX Shipbuilding Co., the world's seventh-largest shipbuilder, also joined the bullish run, clinching orders worth $1.4 billion in the first quarter of the year. The figure is up 40 percent from a year earlier. The shipbuilder targets $4.5 billion in orders this year.
Hyundai Heavy Industries Co., the world's largest shipbuilder, clinched orders worth US$2.4 billion in the January-March period, compared with its full-year target of $9.2 billion.
Its affiliate, Hyundai Mipo Dockyard Co., won orders worth $2.3 billion in the first three months of the year. Hyundai Mipo's full-year target for shipbuilding orders is set at $3.6 billion.
Hyundai Samho Heavy Industries Co., Hyundai Heavy's another sister company, received orders worth $2 billion during the cited period, 43.4 percent of its full-year target.
"The first-quarter performance was impressive as foreign companies continued to place shipbuilding orders," a Hyundai Heavy Industries official said.
South Korea, home to seven of the world's top 10 shipyards, clinched record-high orders last year on strong demand for crude carriers and offshore exploration equipment amid lofty oil prices.
Daewoo Shipbuilding & Marine Engineering Co., the world's No. 2 shipbuilder, posted orders worth $2.4 billion in the first quarter, compared with its yearly target of $11 billion.
Samsung Heavy Industries Co., the third-largest shipbuilder in the world, won $3.5 billion worth of orders in the three-month period, or 31.8 percent of its full-year goal of $10 billion.
STX Shipbuilding Co., the world's seventh-largest shipbuilder, also joined the bullish run, clinching orders worth $1.4 billion in the first quarter of the year. The figure is up 40 percent from a year earlier. The shipbuilder targets $4.5 billion in orders this year.