HD Korea Shipbuilding & Offshore Engineering Co. plans to secure 180.05 trillion won ($180.05 billion) in new orders for 2024, marking a significant increase from its performance last year, even as global demand shows signs of cooling.
The company’s target represents a 33.7% jump from 2023, when it secured orders worth $13.5 billion. The push comes despite the firm falling short of expectations in recent months, with 2024 orders reaching only $20.56 billion.
The orderbook will be divided among its key subsidiaries. HD Hyundai Heavy Industries aims to secure $9.75 billion in contracts, while HD Hyundai Samho and HD Hyundai Mipo target $4.57 billion and $3.8 billion respectively.
Industry headwinds could challenge these goals. The Export-Import Bank of Korea forecasts global new ship orders will decline 28.8% to 42 million compensated gross tonnage in 2024, down from 59 million CGT last year.
The company says it will maintain its selective ordering approach, prioritizing profitability over volume. This strategy aligns with growing demand for environmentally friendly vessels, though specific green shipping targets weren’t disclosed.
The ambitious target comes as Asian shipbuilders face increased competition and shifting environmental regulations in the maritime industry.
