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Shipbuilders' shares surge after Indian delegation’s visit

Published: 26 Dec. 2024, 11:15 Updated: 26 Dec. 2024, 15:07

LEE JAE-LIM
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A view of HD Hyundai Heavy Industries’ Ulsan shipyard [HD HYUNDAI]

Shares of domestic shipbuilders, including HD Hyundai, Hanwha Ocean and Samsung Heavy Industries, are rising following reports on Thursday that an Indian government delegation visited their shipyards recently.

Shares of HD Hyundai affiliates each reached 52-week highs. Shares of HD Hyundai Heavy Industries climbed 8.46 percent, trading at 295,500 won ($202) at 11:14 a.m., while shares of HD Korea Shipbuilding & Offshore Engineering (KSOE) surged 3.98 percent to 235,000 won.

Hanwha Ocean shares rose 5.56 percent to 38,000 won, and Samsung Heavy Industries jumped 2.73 percent to 11,670 won.

A government-led delegation, including Shri T.K. Ramachandran, India’s secretary for the Ministry of Ports, Shipping and Waterways, visited Hanwha Ocean’s Geoje facility on Nov. 29, Samsung Heavy Industries’ Geoje shipyard on Dec. 2 and HD Hyundai Heavy Industries’ Ulsan shipyard on Dec. 3, according to multiple reports.

Ramachandran was accompanied by Cochin Shipyard CEO Madhu Nair and Binesh Kumar Tyagi, chairman of the Shipping Corporation of India.

BY LEE JAE-LIM [[email protected]]