(MENAFN) Amid a stressing lengthy global plummet caused by low oil prices and harder rivalry with Chinese competitors, South Korea's big three shipbuilders failed to obtain any new orders in January.
Out of Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co., only the latter managed to bag three contracts worth of USD300 million this month.
Basically, lower crude prices have been leading to deterioration in demand for new ships, such as offshore facilities, let alone Chinese rivals have sealed tons of orders for smaller ships in particular.
In accordance, the agonizing shipbuilding segment is feared to be a major drag on the nation since it is one of the crucial growth engines for Asia's fourth-largest economy, alongside electronics and automobiles.
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