Samsung doubles profit

Samsung Heavy Industries, the world’s second largest shipyard, more than doubled its fourth-quarter profit as it built more vessels at higher prices. Net income surged to 76.2 billion won ($81million) in the three months ended 31 December, from 27.9 billion won the year before.

South Korean shipbuilders are building more vessels from orders received in 2004 and 2005, when ship prices rose by as much as 56%, according to Clarkson, the world’s biggest ship broker.