Korea’s big 3 shipyards target orders of $36 billion in 2007

KoreaÆs big 3 shipyards target orders of $36 billion in 2007 The world's three biggest shipbuilders, South Korea's Hyundai Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and Samsung Heavy Industries Co., are this year aiming for combined ship orders worth $36 billion, just down from the record $37.4 billion set in 2006, reports The Korea Times.
   HHI, the world's largest shipbuilder, expects $13 billion in orders of ships, engines and other products this year, down from $14.1 billion in 2006.
   Daewoo, the next-largest shipbuilder, has set a target of $11 billion in orders, the same as last year's figure. The company has a backlog of around $22 billion.
   The world's number three shipyard, Samsung, has reduced its 2007 target to $11 billion from last year's $12.3 billion.
   The newspaper said the rising cost of steel plates for ship hulls and the strengthening value of the Korean currency against the U.S. dollar is reducing the value of Korean shipbuilders’ contracts, which are based on dollars.