Hyundai orders buoyant

Hyundai Heavy Industries, the world’s largest shipbuilder, said that new orders across the board jumped to $8.33 billion during the first half of this year. This exceeds the initial target of $4.5 billion by 81% for the six months to June.

Ship orders alone totaled $5.41 billion in value, comprising the lion’s share of total business during the first half. Orders for offshore facilities, plant, construction equipment, engines and electronics systems totaled $2.92 billion. Hyundai aims to bag $9.35 billion worth orders for the whole year.

South Korean shipyards held 43.5% of the global shipbuilding market in 2003, followed by Japan with 28.6%, China 12.6% and Europe 8.7%. European shipbuilders allege that unfair subsidies have enabled Korea to build vessels below cost and so dominate the global market. Korean shipbuilders responded by claiming their yards are simply more competitive.