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Q1 figures from Korea suggest worst is over for the yards

Q1 figures from Korea suggest worst is over for the yards

Seoul: The combined value of orders received by South Korea's four major shipbuilders in the first quarter of this year jumped more than five-fold from a year ago, the shipbuilders said on Thursday. The value of orders won by the four - Hyundai, Samsung, Daewoo and STX -- stood at US$5.49 billion in the January-March period, compared with $962 million for the same period last year, when the global shipbuilding industry was pounded by the global economic slump.
The sharp rise in the value of orders indicated the nation's shipbuilding industry may have hit bottom, some analysts here say.
Hyundai Heavy received orders worth a total of $2.74 billion in the first quarter. Daewoo Shipbuilding won orders worth $1.45 billion for the same period.
Smaller yards on the peninsula have also noted a rise in orders of late, especially for handies.  Dae Sun Shipbuilding & Engineering reported this week that it has bagged an order for two 34-type ships from Ivory Shipmanagement, an owner based in the Marshall Islands. The newbuildings are scheduled to be completed in the latter half of 2011 and were priced at $24.23 million apiece.
Aside from the above, the Kaiji Press in Japan reported that STX Dalian, Hyundai Mipo Dockyard (HMD), SPP Shipbuilding and other South Korean-affiliated builders have also been winning orders for handysize bulkers. [02/04/10]

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