Hyundai Heavy, Daewoo Shipbuilding win orders worth US$4.9 bln

SEOUL, Jun 05, 2008 (Asia Pulse Data Source via COMTEX) -- HYHZF | Quote | Chart | News | PowerRating -- Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. said Wednesday that they have won a combined US$4.9 billion worth of deals in the past week to build 30 vessels, including oil tankers and bulk carriers.

During an international shipping exhibition held in Greece last week, Hyundai Heavy Industries, the world's largest shipyard, received deals valued at $2.4 billion to build 22 ships, including 16 oil tankers. So far this year, the shipyard has won deals worth $12.3 billion to build 94 vessels, up 37 percent from a year earlier.

Daewoo Shipbuilding & Marine Engineering, the world's third largest shipyard, won $2.5 billion of orders in the past week to build 8 vessels that can carry oil and commodities as well as drill for crude.

Daewoo Shipbuilding has received $5.6 billion worth of orders this year, achieving about a third of this year's target of $17.5 billion. Its backlog reached $41.5 billion.

Shipyards in South Korea, the world's largest shipbuilding nation, are building new docks and expanding facilities to meet increased global shipbuilding demand.

Shares of Hyundai Heavy Industries were trading at 382,500 won on the Seoul bourse as of 1:32 p.m., down 0.91 percent, with Daewoo Shipbuilding & Marine Engineering down 0.41 percent at 48,400 won.

Morning Coffee with TradingMarkets -- Free Newsletter

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index