Maeil Business Newspaper reports that South Korea’s big three shipbuilders will be facing a challenging year ahead of them due to the extra pressure put on the offshore plant sector, affecting its business performance. It is said that as oil refiners are reluctant to place new orders due to high volatility of oil prices, it is increasingly difficult to get offshore plant orders.
Hyundai Heavy Industries, South Korea’s largest shipbuilder, will suspend work at its offshore facilities shipyard in August, amid lack of orders, according to an official announcement by the company’s President and CEO, Kang Hwan-goo. The offshore yard will not operate until orders come back.
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