Hyundai Heavy's Jan orders plunge 54 pct on low demand

Hyundai Heavy Industries Co., the world's largest shipbuilder, said Friday that its January orders tumbled 54 per cent from a year earlier on falling shipbuilding demand. Last month's orders for marine engines and offshore units reached US$863 million, compared with $1.86 billion a year earlier, with no new ship orders received, the company said in a regulatory filing.
Hyundai Heavy said it has clinched no orders for new ships since September as the global credit crisis dried up funds, making it difficult for shipping lines to fund new and existing contracts.
Sales rose 23 per cent to 1.73 trillion won ($1.1 billion) last month from a year ago as more vessels were built at higher prices, according to Hyundai Heavy.
Hyundai Heavy rose 0.3 per cent to close at 177,500 won on the Seoul bourse.