Korean Shipbuilders Worst Hit by Global Financial Crisis

24 February 2010 (Last Updated February 24th, 2010 18:30)

Korean shipbuilders received just 49 new ship orders in 2009, recording the smallest volume of new orders in 17 years, according to a report. The figure is down 89.9% against 2008 and is the lowest level since 1993 according to the "Shipbuilding industry trends at the end of December 20

Korean shipbuilders received just 49 new ship orders in 2009, recording the smallest volume of new orders in 17 years, according to a report.

The figure is down 89.9% against 2008 and is the lowest level since 1993 according to the “Shipbuilding industry trends at the end of December 2009” report by the Korea Shipbuilders’ Association.

LNG carrier new-build orders fell to zero in 2009 as most planned LNG projects were delayed across the world.

New orders in the container ship segment decreased to two, compared with 93 contracts in 2008, the report said.