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OFFSHORE WIND
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January 4, 2010

Korean shipbuilders set 2010 sales targets

South Korean shipbuilders have been announcing their sales targets for 2010.

Hyundai Heavy Industries Co., the world's leading shipbuilder, said Monday that it aims to win US$17.7 billion worth of orders this year. That follows a December 31, 2009 announcement by the company that it had won orders valued at US$10.6 billion in 2009, way under its full-year target of $21.1 billion.

Daewoo Shipbuilding & Marine Engineering Co., the world's third-largest shipbuilder, said today that it aims to win US$10 billion worth of orders this year.

And in an indication of the problems facing the Korean industry as it adjusts from boom time expectations to market realities, Hanjin Heavy Industries and Construction Co., South Korea's number five shipbuilder, said on December 31 that it will cut its shipbuilding labor force by at least 30 percent. It will begin layoffs in February.


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