Shipbuilders Continue to Struggle Amid Downturn

Shipbuilders are cutting their targets for new orders for next year amid the bleak outlook.

Hyundai Heavy Industries lowered its target to US$9.5 billion from its initial target of $19.5 billion. As of November its cumulative orders for this year stood at $7.1 billion.

Daewoo Shipbuilding and Marine Engineering is expected to trim its target to around $6.2 billion, down from $10.8 set early this year. It bagged only $1.55 billion worth of orders until last month, a mere 10 percent of its goal.

Samsung Heavy Industries plans to set its target at around $6 billion, down from the initial target of $12.5 billion. It clinched a mere $520 million worth of orders until November.

“The overall slump in the shipbuilding industry will continue next year, dealing a blow to the overall economy,” an industry insider said.
Source: Chosun