World’s second largest shipyard Samsung Heavy Industries Co said that its earnings more than tripled on increased orders for high priced ships.

Samsung Heavy Industries in a regulatory filing said that its net profit reached KRW 485 billion (USD 515 million) in 2007 as compared with KRW 154 billion in 2006. Operating income up by 360% YoY to KRW 457 billion and sales climbed by 34% YoY to KRW 8.52 trillion.

Shipyards in Korea, the world’s largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world.