With the lowest orderbook among other South Korean competitors, Hyundai Heavy Industries would make an aggressive move to win new orders, with an advantage of early delivery slots.
Hi Investment & Securities estimated, Hyundai secures about 22 months of orders, in terms of commercial ship, which is smaller than those of Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
Therefore, the Ulsan-based yard mostly contract vessels due for delivery in 2014 and shipowners who prefer early delivery would likely choose Hyundai.
Hi’s analyst Huh Sung-Duk said, “Hyundai’s orderbook steadily being in decrease, it would proceed an aggressive sales activity in its sales department of Shipbuilding division. Moreover, Hyundai Samho HI and Gunsan yard’s backlogs get reduced and it urgently needs newbuildings contracted.”
Huh said, “As of April, Hyundai would go to the front to win orders and in the period of May-June, it would secure offshore plant orders and fill up the order shortage than the other Korean Big3.”
Added, “Hyundai is worth eyeing on Egina FPSO of Nigeria, Hebron platform of Canada, Browse platform of Australia, etc., in the second half this year.”
Published : April 2, 2012