Hyundai Mipo Dockyard may see continued lower profits.
Anlayst Yoo Jae-Hoon of Woori Investment & Securities said "Although there will be steady newbuilding investment, mainly in product carrier segment, in 2013, with tougher competition expected in PC and LPG carrier sectors, Hyundai Mipo is possibly to continue lower profits."
He added "Only when newbuilding bulker market improves, Hyundai Mipo will be able to increase profits from PC orders."
Yoo said "As of November 6, the Korean shipyard has booked overall $1.88bn of new orders this year, accounted for 59% of its 2012 new order target."
He prospected "Hyundai Mipo will find it difficult to reach the target despite continued newbuilding enquiries, as newbuilding projects are delayed amongst economic uncertainties."
He said "Vietnam-based subsidiary Hyundai-Vinashin Shipyard has encountered with new order as well," and forecasted "Regardless of diversified product mix, it will take some time for Hyundai Mipo to make steady profits and the shipbuilder will keep seeing the red until 2013."
Published : November 8, 2012
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