Hyundai Heavy in order bonanza

The Korean shipbuilder Hyundai Heavy Industries (HHI) said new orders rose by a third to $8.7 billion in the first seven months of this year. At the end of July, HHI had an order backlog valued at $17.1 billion.

South Korean shipyards have been gaining a record number of contracts for box ships, bulk carriers and tankers as Asia’s growing economies increased trade with Europe and the Americas. China’s demand for oil, iron ore, grain and other products is also encouraging shipping lines to buy more vessels.