Namely, as Yonhap news agency reports, South Korea's top three shipyards, Hyundai Heavy Industries Group, Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., have received an overall US$12.1 billion won worth of orders, during the first eight months of 2019. This marks a 21.3% reduction from the previous year.
More specifically, Hyundai Heavy, along with its affiliates Hyundai Samho Heavy Industries and Hyundai Mipo Dockyard, have received orders of a total worth $4.9 billion during this period, decreasing 40.5% on-year. This amount falls far lower that the annual target of $15.9 billion won.
As for Daewoo Shipbuilding, it won $3 billion worth of orders this period, accounting for only 36% of its annual target of $8.3 billion, according to the data.
Regarding, Samsung Heavy Industries, it was the only company able to win more orders, in comparison to a year earlier at $4.2 billion. However, even this amount still accounts for about half of its annual target.
Currently, global ship orders amount for a total of 11.8 million compensated gross tons (CGTs) in the January-July period, falling by 43% from a year earlier, according to Clarkson Research Services Ltd.