KOREA's Hyundai Heavy Industries, the world's largest shipbuilder has announced that it has won a US$1.2 billion order to build ten 13,800-TEU ships for an unidentified Greek shipowner, reports Agence France-Presse.

"These orders are noteworthy considering the current sluggish shipbuilding market," said a Hyundai statement. "We expect some orders to be realised in the second half to help achieve this year's order target."

Hyundai has won orders totalling $6.13 billion so far this year including the latest order, a spokesman told AFP. Its 2012 target is $24 billion, up from last year's $20.1 billion.

Construction will begin in Hyundai's shipyard in Ulsan next March with delivery due in the second half of 2014.