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Korean shipyards set to miss order target for 2nd year

Seoul - South Korean shipbuilders may not meet their annual order targets in 2019, as global shipbuilding orders are falling in the face of the escalating U.S.-China trade dispute

Seoul - South Korean shipbuilders may not meet their annual order targets in 2019, Yonhap news agency reported Friday, as global shipbuilding orders are falling in the face of the escalating U.S.-China trade dispute.

South Korea’s three major shipbuilders - Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering - bagged a combined US$7.53 billion worth of orders as of end-May, which meets only 23.5 percent of their annual order target of $32 billion, according to industry data.

Top player Hyundai Heavy, including its small affiliates Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard, has so far bagged $2.5 billion worth of orders, achieving only 15.7 percent of its annual target of $15.9 billion. Samsung Heavy clinched $2.53 billion worth of orders, meeting 32.4 percent of its annual target, while Daewoo Shipbuilding secured $2.5 billion worth of orders, which accounts for 29.8 percent of its annual target.

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