Hyundai Heavy Industry Group raised its order target by 35% this year
At the beginning of the new year, South Korea Shipbuilding & Marine, the secondary holding company of Hyundai Heavy Industries Group responsible for the shipbuilding business, has set an operating order target for 2021, which is a 35% increase from last year to US$14.9 billion.
According to Korean media reports, on January 4, the electronic publicity system of the Korean Financial Supervisory Service issued a message that this year, the three shipbuilding companies of Hyundai Heavy Industries, Hyundai Sanhu Heavy Industries, and Hyundai Mipo Shipbuilding under South Korea Shipbuilding & Marine Engineering have a total order amount of 149. Billion U.S. dollars, an increase of about 35.4% over last year’s target of 11 billion U.S. dollars.
It is reported that in 2020, South Korea Shipbuilding & Marine Co., Ltd. has undertaken 116 new ship orders worth US$10 billion, which are down 11% and 18% from the 131 ships and US$12.2 billion in 2019, respectively, and completed the target value of US$11 billion. 91% of it. In fact, Korea Shipbuilding & Marine's annual order target set at the beginning of last year was 15.9 billion U.S. dollars, which is the same as the order target amount in 2019. However, due to the impact of the new crown pneumonia epidemic, the shipbuilding industry has struggled to accept orders. In the first three quarters of last year, the company's cumulative new ship orders were only US$4.15 billion. In view of the fact that it is no longer realistic to achieve the target amount for the order, Korea Shipbuilding & Marine Corporation held a performance conference on October 30 last year and announced that it will revise the operating order target for 2020 to 11 billion U.S. dollars, which is lower than the target set at the beginning of the year. 30%.
A person from South Korean Shipbuilding and Marine said: “Under the severe market situation, it is not easy to obtain the current order results. Fortunately, after entering the third and fourth quarters of 2020, the trend of the global shipbuilding market has improved. In 2021, We will be backed by our internationally competitive technical capabilities, seize the opportunity and do our best to accept more orders."
