East Asian Developments

by K.K. Chadha, Hong Kong

South Korean shipbuilder Hyundai Heavy Industries’ 1997 business plan envisages a 31 percent increase in orders for its six divisions to US$8.94 billion, with overseas orders rising to 60 percent ($5.4 billion). The shipbuilding division expects growth of 49 percent to $3.34 billion by focusing on VLCCs, LNG tankers and other high-end ships, a shift from the previous emphasis on containerships and bulk carriers. More efforts will be made to maximize the efficiency of its VLCC dock. The company expects to get orders from Malaysia, Australia and Oman. The ship engine division will launch an aggressive marketing campaign to win more orders from foreign shipbuilders. The division expects growth of 52.4 percent to achieve a sales target of $1 billion. The company will focus on selling large engines of more than 70,000 hps to diesel-powered generation plants in Southeast Asia. To encourage exports, the company plans to increase loan support to the companies placing orders for floating petroleum storage facilities.

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