 Samsung Heavy nets hefty $1.5b ship order
(China Daily)
Updated: 2008-07-01 08:02 Samsung Heavy Industries Co, the world's second-biggest shipbuilder, said it won a 1.58 trillion won ($1.5 billion) order from the Middle East to build nine large-sized container vessels, its single biggest order. The ships, able to carry more than 10,000 20-foot standard containers each, will be delivered by Nov 30, 2011, Seoul-based Samsung Heavy said in a filing yesterday, without naming the buyer. Record oil prices and economic growth in emerging markets have increased demand for bigger vessels to transport commodities and consumer goods. Shipyards in South Korea, the world's largest shipbuilding nation, are slated to win record orders for a sixth year. "Bigger ships make economic sense because shipping lines can operate one large one instead of two and save on costs," said Cho In-karp, an analyst at Good Morning Shinhan Securities Co in Seoul. Samsung Heavy received $9.3 billion in orders this year, achieving 60 percent of its annual target of $15.5 billion. Yesterday's order extended the company's order backlog to about $45 billion, representing almost four years of work. Agencies (China Daily 07/01/2008 page16) |
