New Orders Pouring Into HHI

Image Courtesy: HHI

South Korean shipbuilder Hyundai Heavy Industries (HHI) reported USD 2.04 billion-worth of newbuilding orders in the first quarter of 2017, up by 22.9 percent when compared to the corresponding figures from last year.

The shipbuilding segment booked USD 763 million worth of orders, surging by 226.07 percent against last year’s 234 million, HHI said in a report.

However, the company’s offshore and engineering arm saw a 65 percent drop in ordering activity with USD 51 million worth of orders. HHI’s industrial plant and engine and machinery sectors were also hit by a decrease in ordering activity by 50 and 17 percent respectively.

Boosting the company’s order intake were, inter alia, Greek shipowner Enesel that ordered two 300,000-ton very large crude carriers (VLCC) and DHT Holdings that also ordered a VLCC pair earlier this year in addition to CLdN’s RoRo duo.

The results are in line with the shipbuilder’s recovery recorded in full-year results for 2016 as HHI’s net profit came at USD 596.6 million, returning from a loss of USD 1.18 billion seen in 2015.

The turnaround came after a variety of revamping measures HHI implemented to sharpen its competitiveness including management improvement plan and reorganizing affiliated companies. Namely, in February this year, HHI got an approval from shareholders to reorganize its businesses into separate companies so as to bolster its financial status.

Separately, earlier this month, HHI Group revealed plans to invest USD 1.8 billion in research and development (R&D) programs by 2021 through its newly established independent shipbuilding company – Hyundai Heavy Industries.

Under the plan, the new HHI intends to invest in developing eco-friendly and smart ships, enhancing offshore engineering capability, and establishing smart shipyards.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2017 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 1 2 3

Maritime Information Warfare 2017

Maritime Information Warfare will focus on the growing need for navies to develop their information exploitation capabilities…

read more >

INTERNATIONAL GREEN SHIPPING AND TECHNOLOGY SUMMIT

The Summit will gather key marine experts and companies around the globe which have a big influence in the industry…

read more >

The CWC 18th Annual World LNG Summit & Awards Evening

The CWC World LNG Summit will continue to give you access to premium networking opportunities as it brings together the who’s who…

read more >

Marintec China 2017

The largest maritime event in Asia Pacific, Marintec China connects maritime professionals from the entire shipbuilding supply chain together.

Over the years, Marintec China has grown to reflect the size and importance of the Asian maritime market. 2015 event is another record-breaking edition with the largest exhibition area and the highest number of industry professionals attending ever. The encouraging figures proven that China remains one of the major shipbuilding nations and Marintec China has been the most authoritative platform in Asia.

With the maritime industry facing great opportunities but also many challenges, it is important for the industry to connect and engage more to ultimately win new business in globally-significant markets. A visit to Marintec China is a great way to learn about the latest technology and innovation of the supply industry, a platform for industry professional to meet face to face, make connection and do business.

Marintec China is poised to be the definitive event and is undoubtedly a must-attend for all involved in the maritime industry.

Marintec China will be held from 5 to 8 December 2017 at the Shanghai New International Expo Centre in Shanghai, China and continue its dedication to serve as the “LEADING” platform “CONNECTING” the community and “STRENGTHENING” the maritime industry.

Marintec China offers the perfect opportunity for companies serving the maritime market to showcase their innovations, products and services to a wide audience. A platform for face to face meetings in business, creating new relationships and consolidating existing ones.

More info

read more >