South Korea’s Hyundai Heavy Industries (HHI) announced that it has landed orders to build 62 ships worth $3.8bn for the January to May 2017 period.
The orders over the five-month period represented a significant increase compared to 12 ships worth $1bn for the same period of 2016.
In May alone, the Korean shipbuilding group clinched 20 ships valued at $1.3bn, and the total number and value of the ships netted in May can rise further to 29 ships and $1.9bn if all the options are exercised.
HHI pointed out that its order backlog worth $3.8bn as end-May is equivalent to 51% of its annual ship order target of $7.5bn.
“Considering an array of inquiries for VLCC and LNG carriers we have been receiving lately, we expect to surpass our annual order target this year. Bearing that in mind, we are redoubling our marketing efforts to meet clients’ needs on the back of our stronger fiscal soundness and differentiated shipbuilding expertise,” a HHI official said.
HHI, which is currently undergoing a restructuring amid the severely weakened shipbuilding market, has stayed profitable for a fifth consecutive quarter when it recorded a gain of KRW462.3bn ($409.6m) for the first quarter ended 31 March 2017.
The restructuring exercise saw the group spinning off its non-shipbuilding businesses and retaining its core businesses including shipbuilding, offshore and machinery plant.