HD Hyundai’s intermediate holding company for the shipbuilding institutional sector, HD Korea Shipbuilding & Offshore Engineering, said on the 5th it set this year’s annual order target for the shipbuilding and offshore institutional sector at $23.31 billion. That is 29.1% higher than last year’s target of $18.05 billion.

By affiliate, the order targets are $17.745 billion for HD Hyundai Heavy Industries, $4.9 billion for HD Hyundai Samho, and $660 million for HD Hyundai Heavy Industries Philippines.

Last year, HD Korea Shipbuilding & Offshore Engineering won orders for a total of 133 ships worth $18.16 billion, achieving 100.6% of its annual target of $18.05 billion.

HD Korea Shipbuilding & Offshore Engineering presented an order target nearly 30% higher than a year earlier, even as it expects overall ordering to slow next year due to a downturn in shipping market conditions and a grace period for International Maritime Organization (IMO) environmental regulations.

An HD Korea Shipbuilding & Offshore Engineering official said, “We plan to expand and diversify the market by increasing affiliate synergies through shipbuilding business reorganization,” and added, “Based on our accumulated eco-friendly ship technologies and world-class construction capabilities, we will solidify our leading position in the global shipbuilding market.”

HD Korea Shipbuilding & Offshore Engineering has sought to expand synergies by pooling capabilities among affiliates as it moved to restructure its business, including merging HD Hyundai Heavy Industries and HD Hyundai Mipo last year.
Source: CHOSUNBIZ