Tuesday, April 17, 2012

Big3 await mega orders

Deutsche Bank analyst Sanjeev Rana says the share price of Korea’s big three shipyards remain very attractive with more than 70% of business presently coming from the offshore sector.

“Despite rising ship demolitions we believe it will take another year or so for commercial vessel orders to recover meaningfully,” he said in a note to clients.

Rana expects Daewoo to report the strongest influx of fresh orders in the second quarter, with $4.5bn worth of new work in the pipe line.

This includes a $1bn FLNG project and $1.5bn worth of LNG and rig orders.

Samsung Heavy Industries is tipped to haul in fresh contracts worth up to $4bn, a tally which is forecast to include a $2bn FPSO pact, the analyst says.

Rana notes Hyundai Heavy Industries has recorded only 15% of its 2012 target in the first quarter

“It is also aggressively targeting $2bn Egina FPSO and Bras LNG project and has submitted more than $25bn-worth of bids for offshore/plant orders, the bulk of which is likely to materialize only in 2H12,” the analyst wrote.

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