Hyundai Samho Heavy ascends to No. 3 in order book ahead of IPO

LNG carrier [Provided by Hyundai Heavy Industries]

Hyundai Samho Heavy Industries has stood out among HD Hyundai family of top shipyards with annual order book swelling at $8.1 billion, greater than last shipbuilding boon year of 2007 for impressive scorecard ahead of the initial public offering.

Thanks to its LNG focus, Hyundai Samho Heavy Industries has booked $8.1 billion orders for this year, exceeding its last best result of $7.4 billion in 2007.

Its bigger sibling Hyundai Heavy Industries won orders of $10.5 billion, below its 2007 record of $15.8 billion. Another sibling Hyundai Mipo Dockyard drew $3.7 billion worth, about half of 2007 record.

It has performed better than Samsung Heavy Industries ($7.8 billion) to rank third in annual order book after Daewoo Shipbuilding & Marine Engineering ($10.4 billion).

It has been riding on the LNG boon as the tanker is its specialty.

Unlike in the past when orders were mostly in container carriers, more than half of its revenue over the past two years came from LNG carriers. “We are capable to building all types of vessels expect for warships. Our yards can build 40 ships annually and handle 1 million tons of assembly works,” said an official from the firm.

The shipwright has been eager in adding orders ahead of IPO.

It attracted a pre-IPO fund of 400 billion won from IMM Private Equity in 2017. The two sides put off the IPO initially set for this year due to unfavorable market conditions. The IPO is expected to be proceeded next year or 2024 at the latest.