Hyundai Heavy Industries said that May sales rose nine percent to 1.68 trillion won (US$1.3 billion) in a statement to South Korea's financial regulator. HHI posted sales of 1.55 trillion won in the same month a year ago.

In the first five months, sales climbed 21% to 9.04 trillion won. New orders in the period fell 83% to $2.7 billion on slowing demand for ships because of the global credit crisis and the economic recession, the company reported in a regulatory filing today.

As of May 31, Hyundai Heavy had $42.3 billion of order backlogs including 303 ships valued at US$29 billion.

About Hyundai:

Hyundai Heavy Industries (HHI), founded by the late Chung Ju-yung on March 23, 1972, wrote the first chapter of its shipbuilding history in June, 1974, by completing construction of the world's largest shipyard and two 260,000-dwt VLCCs all at the same time. A decade after its first delivery, the Hyundai Shipyard topped 10 million deadweight tons in aggregate ship production, and has maintained the leading position in the world shipbuilding market ever since. Hyundai Shipard's drive has mirrored the growth of modern Korean heavy industry, and its success has allowed it to expand into other heavy industry areas, ultimately leading to the formation of Hyundai Heavy Industries, an integrated heavy industry company.

The latest chapter of HHI's history began when it separated from the Hyundai Group in February, 2002. The independent establishment of the Hyundai Heavy Industries Group included taking over Hyundai Samho Heavy Industries and the Hyundai Mipo Dockyard.

Our vision is to become a "Global Leader" in the heavy industries sector. Three decades ago that vision was only a dream, but after transforming an empty stretch of beach into the world's largest shipyard, that dream has become a reality. Our vision is a vast bridge connecting "reality" and "future" and has ultimately allowed us to lead to our field. This vision is a part of the "Hyundai Spirit": Creative Wisdom, Positive Thinking, and Unwavering Drive.