South Korea's three major shipping companies have significantly raised their 2018 orders

Because the shipbuilding industry environment is expected to improve, the three major shipping companies in South Korea have significantly raised their 2018 orders. According to the Yonhap News Agency, Hyundai Heavy Industries set the target for the year 2018 to be $13.2 billion, an increase of 76% from $7.5 billion in 2017. In 2017, Hyundai Heavy Industries received a total of 150 new ship orders totaling $10 billion. In 2013, Hyundai Heavy Industries' orders for orders were US$21.2 billion. In 2014, orders were US$10.7 billion, and in 2015, orders were US$12.4 billion. At the same time, Samsung Heavy Industries set the target for orders in 2018 at $7.7 billion, an increase of 18% from $6.5 billion in 2017. In 2017, Samsung Heavy Industries received orders for 28 ships totaling 6.9 billion US dollars, and the actual order volume was also higher than the target. Daewoo Shipbuilding's annual order for 2018 is over $5 billion. In 2017, Daewoo Shipbuilding received a total of $2 billion in new ship orders. Insiders pointed out that with the recovery of the global economy and the stability of oil prices, the market conditions are gradually improving, which will have a positive impact on Korean ship companies. On January 2, international oil prices opened at $60 a barrel on Tuesday at $60.22 a barrel, the highest New Year opening price since 2014. With the gradual recovery of global oil prices, it is expected to remain at the level of 60 US dollars in the short term. This is undoubtedly a good omen for Korean ship companies trapped in the decline in orders for new ships. Since August last year, oil prices have increased by about 20%, which will drive developers' demand for offshore equipment. Analysts at Shinyoung Securities believe that the increase in oil prices will accelerate the increase in orders for offshore equipment, while the demand for other ships will also maintain strong growth. In addition, the rebound in oil prices will also bring more drilling activities, which means that South Korean ship companies such as Samsung Heavy Industries and Hyundai Heavy Industries can get more orders. Analysts at Cape Investment & Securities said the shipyard will be able to obtain orders for offshore drilling platforms and other offshore equipment. However, Korean shipping companies are still facing the problem of falling hand orders, as new ship orders have decreased significantly over the past few years. At the same time, due to the reduction in orders in recent years and the construction of low-cost ships, the revenue of major Korean ship companies led by Hyundai Heavy Industries declined in the third quarter of last year. In response to the long-term industry downturn, South Korea's three major shipping companies have been selling non-core assets, layoffs and other cost-cutting measures. Among them, Hyundai Heavy Industries has implemented a self-rescue measure worth 3.5 trillion won. Samsung’s self-rescue plan totaling 1.45 trillion won has also been completed 65%, and Daewoo’s self-help plan worth 5.3 trillion won has been completed 42%.

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