In a significant development for the South Korean shipbuilding industry, HD Korea Shipbuilding & Offshore Engineering announced on Monday that it has secured a substantial order worth $107.7 million to construct two petrochemical carriers. The contract, awarded by an undisclosed Middle Eastern shipping company, marks another milestone for HD Korea Shipbuilding, a major player in the global shipbuilding market.
The construction of the petrochemical carriers will be undertaken by Hyundai Mipo Dockyard, one of HD Korea Shipbuilding's three shipbuilding units. Renowned for its expertise and state-of-the-art facilities, Hyundai Mipo Dockyard will build the vessels at its shipyard located in the southeastern port city of Ulsan. The delivery of the carriers is scheduled for December 2026, showcasing the company's commitment to meeting the client's timeline and requirements.
The latest contract brings HD Korea Shipbuilding's total orders for the year 2023 to an impressive 112 vessels, valued at $12.1 billion. This figure represents a remarkable 89.7% of the company's annual target of $13.5 billion, demonstrating its strong performance and market position despite the challenges posed by the global economic landscape.
KRX: 267250.KS
Price: KRW114,500
Change: + 1.8%
HD Hyundai's stock is currently in an uptrend, indicating positive market sentiment and investor confidence in the company's future prospects. The stock has found strong support at the KRW110,000 level, while resistance is observed at KRW120,000. The stock is trading above its 50-day and 200-day moving averages, signaling a bullish trend. The MACD indicator is positive and diverging from the signal line, suggesting strong upward momentum. The stock has recently surpassed the 61.8% Fibonacci retracement level, which could act as a potential support level in case of a pullback. The stock is trading near the upper Bollinger Band, indicating a potential overbought condition. However, the strong uptrend suggests that the stock may continue to rise in the near term. Overall, the technical analysis suggests a positive outlook for HD Hyundai's stock, supported by the company's recent order win and its strong performance in the shipbuilding industry.
