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An LNG ship under construction at the HD Hyundai Heavy Industries dock on the 26th. The 9 docks at the Ulsan shipyard are currently filled with ships under construction. (HD Hyundai Heavy Industries) |
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South Korean shipbuilding giant HD Korea Shipbuilding & Offshore Engineering Co has seen a significant boost in demand amid industry growth.
HD Korea Shipbuilding, the intermediate holding company of HD Hyundai, achieved 152.2 percent of its initial order goal, with orders worth $20.56 billion this year.
Its order backlog stood at an impressive 496 vessels as of the end of November.
By vessel type, the backlog includes eight LNG carriers, seven LNG bunkering vessels, 62 petrochemical product carriers, 28 container ships, and three ethane carriers.
The surge in orders has led to a sharp increase in workload at a shipyard run by HD Korea Shipbuilding & Offshore Engineering in Ulsan.
The staff size in the shipyard has also increased by 20 percent in recent years. Data found that more than 7,000 additional workers have joined the shipyard since the previous five years of the recession.
This year, there has been a marked increase in orders for high-value ships, including LNG carriers, LPG carriers, and ammonia carriers.
HD Korea Shipbuilding & Offshore Engineering plans to achieve annual sales of 3 trillion won ($2.03 billion) from specialized ship production by 2030.
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