The world's largest shipbuilder has reported that new orders for January 2009 fell by 54 percent when compared with January 2008. Hyundai Heavy Industries of South Korea signed contracts worth US$863 million in the first month of 2009 but these were all relating to marine engines and offshore equipment. Hyundai has not won any newbuild orders since September 2008.
Fellow Korean builder STX Shipbuilding is in a similar situation. STX has not inked new contracts since December last year. The last contract was for four 50,400DWT product / chemical tankers deliverable in August 2010.
STX Vice Chairman Lee Jong-chul said that once orders started coming in again, the top shipbuilders in Korea would be able to widen the gap over their rivals. Mr Lee said he thought that new orders would start coming in again in the second half of 2009.
