Smallest Backlog in 13 Years at South Korean Yards
Clarkson Research's latest orderbook numbers put South Korean yards' backlog at the lowest level seen in 13 years.
According to MANA,The Big Three (Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries posted 24 million cgt of orders as of July 31, their smallest combined orderbook since 2003.
The weak ordering activity has contributed to mounting losses for South Korean shipbuilders. Together, the Big Three lost about $7 billion 2015; troubled Daewoo Shipbuilding and Marine Engineering accounted for the majority of the loss.