High shipbuilding prices and economic headwinds have resulted in lower volumes of newbuildings being ordered this year. But this has not stopped Korea Shipbuilding & Offshore Engineering, which controls the Hyundai group of shipyards, from achieving its annual order target of $17.44bn — three months before the end of the year.

Seung-Yong Park — also known as SY Park — chief operating officer and senior executive vice president of Hyundai Heavy Industries, said his company had contracted about $21.5bn-worth of newbuilding orders as of the end of September and is set to score $25bn-worth by the end of the year — the highest since 2007.