S. Korean shipbuilders increase 2021 order targets on eco-friendly ships

South Korean shipbuilders increased their order targets for this year by over 40 percent from last year, anticipating a global shipbuilding industry boom due to toughened environmental regulations.

Korea Shipbuilding & Offshore Engineering Co., which manages shipbuilding units Hyundai Heavy Industries Co., Hyundai Mipo Dockyard Co., and Hyundai Samho Heavy Industries Co., set a cumulative annual order target of $14.9 billion in 2021, up nearly 50 percent from last year.

KSOE's orders came to about $10 billion, or 116 ships, in 2020, meeting 90 percent of their $11 billion order target.

Early this month, Samsung Heavy Industries Co. set its target for new orders at $7.8 billion, up 42 percent from its orders of $5.5 billion in 2020. It had an order target of $8.4 billion last year but achieved only 65 percent due to the COVID-19 pandemic.

Meanwhile, Daewoo Shipbuilding & Marine Engineering Co. declared a new order target of $7.7 billion in new orders this year.

Last year, it attained only78percent, or $5.64 billion, or 78 percent of its annual order target of 7.21 billion.