S.Korea’s HD KSOE, Samsung Heavy post surplus amid order rally

Shipbuilding sees first-quarter earnings grow, eyes a bid for 24 container ships from Taiwan

HD Korea Shipbuilding & Offshore Engineering's LNG carrier
HD Korea Shipbuilding & Offshore Engineering's LNG carrier
Mi-Sun Kang 1
2023-04-28 09:52:55 misunny@hankyung.com
Shipping & Shipbuilding

South Korea’s HD Korea Shipbuilding & Offshore Engineering (KSOE) and Samsung Heavy Industries (SHI) posted good performance in the first quarter thanks to large order volume for liquefied natural gas carriers from overseas shipping companies.

HD KSOE, the shipbuilding holding company of HD Hyundai Co., on Thursday said it recorded sales of 4.8 trillion won ($3.6 billion) and operating profit of 58.5 billion won in the first quarter.

Sales rose 23.9% from the same quarter last year and operating profit returned to surplus.  The company also announced its concluded deal to build four liquefied petroleum gas carriers with an Asia-based shipping company.

KSOE’s order rally has seen the company meeting 50.7% of its annual target between January and this month.

Samsung Heavy Industries' container ship
Samsung Heavy Industries' container ship

SHI on the same day said it posted 1.6 trillion won in sales and 19.6 billion won in operating profit in the first quarter, returning to the  black after five and a half years. If industry conditions improve in the second half, the company expects to hit its operating profit goal of 200 billion won this year.

Evergreen, one of Taiwan’s top three shipping companies, recently launched a tender for 24 very-large container carriers of 16,000 TEUs worth $4 billion (5.3 trillion won), fueling prospects of an order bonanza. South Korean shipbuilding’s “Big 3” of HD Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and SHI are expected to submit bids.

Write to Mi-Sun Kang at misunny@hankyung.com
 
#HD Korea Shipbuilding & Offshore Engineering #Samsung Heavy #sales #operating profit #Taiwan #bid

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