Korea lands huge order catch

Daewoo Shipbuilding, which is aiming for new orders worth $10 billion this year, has already achieved 45% of its target in the first three months. The company recently signed deals to build three 265,000 cbm LNG carriers for the Qatar Gas II project, two smaller 150,000 cbm LNG carriers for Korea Line, and four 320,000DWT VLCCs. One VLCC was ordered by Kristen Navigation in Greece and the other three from an unknown European ship owner. All nine ships will be delivered from 2008 to 2009.

Samsung Heavy achieved 44% of an anticipated $7.7 billion in new orders. The amount is a more than 10-fold increase compared to a year ago. “Orders of energy-related vessels and drilling ships seem to have soared as the oil prices continue to remain high,” said a Samsung Heavy spokesman.

Hyundai Heavy Group, which consists of Hyundai Heavy, Hyundai Mipo Dockyard and unlisted Hyundai Samho Heavy Industries, received orders worth more than $5 billion over the three months, with a target for the year of $12.5 billion.

In March alone, Hyundai Heavy won orders to build 24 vessels, eight of which will be built by affiliate Hyundai Samho. Hyundai Heavy received orders for 14 VLCCs, six each from Middle Eastern and Greek shippers and two from a Belgian company. The world’s largest shipbuilder also won orders for five super-size LNG carriers from the Middle East and Europe, four petrochemical carriers and midsized tankers from Asia and Greece, and a LNG carrier. “Many ship owners wished to place orders before the Common Structural Rules took effect on April 1,” said a Hyundai Heavy spokesman.

Ships built under the new CSR, aimed at enhancing safety, are required to be made of thicker steel plates.