South Korea’s Big Three shipbuilders seem to be bullish on their expectations for 2018 as the trio is said to be targeting higher orderbooks for the year ahead.

Prompted by improving market conditions, Hyundai Heavy Industries (HHI) has set sights on 76 percent more valuable order intake, targeting USD 13.2 billion worth of new orders, against USD 7.5 billion set in 2017, Yonhap reports citing industry sources.

HHI closed the year with USD 10 billion worth of orders in the bag.

Hyundai’s compatriot Samsung Heavy Industries (SHI) is planning a somewhat more modest increase for its orderbook value worth 18 percent. Namely, SHI has reportedly set its aim at USD 7.7 billion worth of orders, having won USD 6.9 billion worth of orders in 2017.

Finally, Daewoo Shipbuilding and Marine Engineering (DSME) is eyeing an orderbook value of over USD 5 billion, more than double from this year’s accomplishment of USD 2 billion, Yonhap said.

Higher orderbook targets come on the back of a major turmoil in the shipbuilding industry, driven by a drop in demand for newbuilds amid tonnage overcapacity across the board.

In order to ensure their survival in a volatile market builders had to resort to cost cutting measures including job cuts, debt restructuring and disposal of non-core assets.