Samsung’s shipbuilding unit targets $14B orders

Samsung Heavy Industries, a Korean shipbuilder, said yesterday that it aims to clinch orders worth $14.2 billion this year.

In a regulatory filing, the shipbuilder also said it aims to log 14.9 trillion won in sales this year. Samsung Heavy did not release comparable figures for last year.

Samsung Heavy is believed to have received orders valued at $9.6 billion last year, falling short of its yearly target of $12.5 billion, as demand for new ships dropped amid the protracted economic slump.

But the shipyard is expecting business conditions to improve this year as orders for offshore facilities are likely to increase down the road.

Earlier, its bigger rival Hyundai Heavy Industries said it was targeting $29.7 billion worth of orders this year, up 52.3 percent from last year. Yonhap