South Korean shipbuilder Hyundai Heavy Industries (HHI) has seen its newbuilding orders surge during the January-May period as it scored new 62 ship orders worth USD 3.8 billion.

The orders jumped by 500% when compared to 12 contracts worth USD 1 billion secured over the five-month period in 2016.

In May alone, HHI secured 20 ships worth USD 1.3 billion. If all options are exercised, the total number and value of ships won in May would be increased to 29 vessels and USD 1.9 billion.

With 62 new ships on order, the company has already reached 51% of its annual order target of USD 7.5 billion.

Citing Clarksons Research data, HHI informed that as much as 67% of these orders were for 100,000 dwt or bigger tankers, and 50% of VLCCs that are ordered globally this year to date.

“Considering an array of inquiries for VLCC and LNG carriers we have been receiving lately, we expect to surpass our annual order target this year,” an HHI group official said.

“Bearing that in mind, we are redoubling our marketing efforts to meet clients’ needs on the back of our stronger fiscal soundness and differentiated shipbuilding expertise,” the official added.