Outlooks Improve at the World's Top Two Shipyards
- Hyundai Heavy, Mipo four-month orders totaled $2.3 billion
- Daewoo Ship posts first operating profit in 17 quarters
Ships under construction sit moored at the Hyundai Heavy Industries Co. shipyard in Ulsan, South Korea, on Tuesday, Nov. 10, 2015. Shipbuilding has been central to South Korea's economy since the 1970s. Ships accounted for 8.5 percent of the country's total exports through June 20 of this year, according to the trade ministry.
Photographer: SeongJoon Cho/BloombergThe world’s two biggest shipbuilders reported profit and issued an improved outlook, indicating South Korea’s shipyards may finally be emerging from two years of restructuring.
Daewoo Shipbuilding & Marine Engineering Co., which averted a payment crisis this month after bondholders agreed to a debt revamp, said Thursday it is set to deliver more than 30 liquefied natural gas carriers through next year, helping improve earnings. Hyundai Heavy Industries Co. got $1.42 billion of orders in the first four months of this year and expects more in the coming months, the company said in a statement Thursday.