Shipbuilders face gloomy order outlook
Seoul - South Korea’s top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday. In the face of a global vessel glut and fiercer competition from Chinese rivals, Hyundai, Samsung and Daewoo are struggling
Seoul - South Korea’s top three shipbuilders are expected to suffer from tough business conditions in 2017 with their orders likely to reach levels similar to this year, industry sources said Tuesday.
In the face of a global vessel glut and fiercer competition from Chinese rivals, the three shipyards -- Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. -- are struggling to set their order targets for next year, according to the sources. Industry leader Hyundai Heavy Industries has reportedly set its 2017 order target at a level similar to this year’s US$9.5 billion. In the first 11 months of this year, the shipyard bagged contracts worth $7.1 billion, much lower than its goal of $19.5 billion set at the start of the year.
In mid-November, Hyundai Heavy Industries trimmed its order target, which market watchers say is very unusual and mirrors serious difficulties clinching orders and high market uncertainty.
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