Korean yards predict another bumper year

Seoul: Business forecasts for 2007 released by some of Korea's major yard groups reveal that they expect to see order volumes stay at around the same record levels as last year. Daewoo Shipbuilding and Marine Engineering has forecast $11bn worth of new orders, the same as last year. Hyundai Heavy Industries (pictured) is predicting orders to dip slightly by 5% to $18.1bn but this follows the group's exceptional 2006 performance - when the original target of $14.9bn was exceeded by more than 25% thanks to shipbuilding orders being almost 50% ahead (of the targeted $7.4bn). Meanwhile, Hanjin Heavy Industries predicts orders up 12% at $4.32bn. All groups are predicting significantly improved revenues in 2007 thanks to the higher prices of ships being delivered. [03/02/07]