S. Korea’s shipbuilding sector shows signs of recovery

By Korea Herald

Hyundai Heavy, DSME log lump sum orders this week

  • Published : Jan 18, 2019 - 16:02
  • Updated : Jan 18, 2019 - 16:02

Anticipation is building up for a rebound in South Korea’s long-stalled shipbuilding industry, as the country’s largest shipbuilders logged major deals this week, according to industry players Friday.

Hyundai Heavy Industries, the world’s largest shipbuilder in terms of sales, said Friday that it has clinched a $130 million contract to build two oil carriers for a European client.

The 158,000-ton, 274-meter-long vessels are set to be delivered as early as the second half of 2020, the company said.

Hyundai Heavy and its two affiliates have a target of $15.9 billion worth of deals this year, up 21 percent from last year.


Also, Daewoo Shipbuilding & Marine Engineering sealed a deal with the Omani shipping company OSC to build two very large crude carriers by the end of 2020, the company said.

The deal includes an option to build an additional ship, the details of which were not revealed by the shipbuilder.

DSME’s target for this year is to win $8 billion worth of new orders, up 10 percent from last year.

Korean shipyards won deals to build 34 very large crude carriers last year, accounting for 83 percent of the global market.