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Current target lower than last year

Current target lower than last year
South Korea's Hyundai Heavy Industries Co., the world's leading shipbuilder, said Friday that it is aiming at winning US$21.1 billion worth of orders this year.

South Korea's Hyundai Heavy Industries Co., the world's leading shipbuilder, said Friday that it is aiming at winning US$21.1 billion worth of orders this year.

South Korea's Hyundai Heavy Industries Co., the world's leading shipbuilder, said Friday that it is aiming at winning US$21.1 billion worth of orders this year, down 33 per cent from last year's figure. Last year, the shipbuilder clinched orders valued at a record of US$28.2 billion, up 12.77 per cent from US$25 billion a year earlier, mainly thanks to rising demand for high-priced ships.

But it is unclear whether the shipbuilder will be able to achieve the target.

Hyundai Heavy has had no shipbuilding orders since October last year, as demand for new vessels has dropped sharply since the third quarter of 2008 as worldwide financial turmoil eroded sales of commodities and consumer goods.

Hyundai Heavy also said it would post 22.88 trillion won ($15.37 billion) in sales this year, compared with last year's 19.96 trillion won. It also plans to invest 1.43 trillion won for facility upgrade and expansion.

www.TurkishMaritime.com.tr

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