Tuesday, March 9, 2010
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Korean shipbuilder forecasts demand to drop one third
Hyundai Heavy Industries Co., the world’s largest shipbuilder, expects demand for vessels to fall for at least a third year in 2010 as shipping lines pare expansion plans to curb overcapacity.
Shipowners may order about 10 million tons of new vessels worldwide this year, Chief Executive Officer Min Keh Sik said in an interview today in Gwacheon, a city near Seoul. That compares with 18.6 million tons last year and 102.7 million tons in 2008, according to figures from Clarkson Plc, the world’s largest shipbrokers.
Industrywide demand may grow to 20 million tons next year, followed by an increase to 30 million tons in 2012, Min said.
Hyundai Heavy aims to win $4 billion worth of orders for ships this year, compared with the $444 million it received in 2009. The company, based in Ulsan, South Korea, had a backlog worth $28.1 billion for 241 vessels at the end of January.
-Business Week
For the full story: www.businessweek.com/news
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