Hyundai upgrades yard

Hyundai Heavy Industries will spend 407.2 billion won ($435.6 million) building docks and other facilities at its Kunsan shipyard, southwest of Seoul, South Korea. The investment would be made by January, 2010 as it is expanding capacity to meet rising demand. Hyundai is aiming to secure $27.4 billion worth of orders in 2008 from an estimated $26.9 billion last year, it said late last month, as soaring oil prices are boosting orders for oil carriers and oil drilling rigs.