STX Shipbuilding Co., the first South Korean shipyard to build vessels in China, exceeded its 2007 order target as increased global trade prompted demand for ships.
A recent deal for six 58,000-deadweight-ton bulk carriers from Shipping Corp. of India Ltd. raised the full-year tally to a record $10.2 billion, exceeding a $10 billion target, the Jinhae, South Korea-based company said in an e-mailed statement today.
Shipyards in South Korea, the largest shipbuilding nation, have received record orders for a fifth straight year as demand surged for vessels to transport raw materials to China and finished goods to the rest of the world. The shipbuilders have enough orders to keep them busy for about four years.
Shipowners have spent $155.7 billion on new vessels in the first 10 months of this year, 25 percent more than the $124.1 billion invested for all of 2006, according to London-based Clarkson Plc, the world's biggest shipbroker.
STX Shipbuilding and three subsidiaries are setting up the first shipyard by a South Korean company in China to lower costs. Starting next year, the yard at Dalian, in northern China, will build bulk carriers and vessels to transport chemicals. China aims to overtake South Korea as the world's biggest producer of ships by 2015.
STX Shipbuilding was unchanged at 58,600 won as of 10:48 a.m. in Seoul. The stock has almost quadrupled this year, the fourth-biggest climber among 200 largest companies traded on South Korea's Kospi index.
A recent deal for six 58,000-deadweight-ton bulk carriers from Shipping Corp. of India Ltd. raised the full-year tally to a record $10.2 billion, exceeding a $10 billion target, the Jinhae, South Korea-based company said in an e-mailed statement today.
Shipyards in South Korea, the largest shipbuilding nation, have received record orders for a fifth straight year as demand surged for vessels to transport raw materials to China and finished goods to the rest of the world. The shipbuilders have enough orders to keep them busy for about four years.
Shipowners have spent $155.7 billion on new vessels in the first 10 months of this year, 25 percent more than the $124.1 billion invested for all of 2006, according to London-based Clarkson Plc, the world's biggest shipbroker.
STX Shipbuilding and three subsidiaries are setting up the first shipyard by a South Korean company in China to lower costs. Starting next year, the yard at Dalian, in northern China, will build bulk carriers and vessels to transport chemicals. China aims to overtake South Korea as the world's biggest producer of ships by 2015.
STX Shipbuilding was unchanged at 58,600 won as of 10:48 a.m. in Seoul. The stock has almost quadrupled this year, the fourth-biggest climber among 200 largest companies traded on South Korea's Kospi index.