Falling new orders for South Korea’s major shipyards in Q1
South Korean shipyards secured lower orders than Chinese rivals in the first three months of the year (Q1), Yonhap reported. The report citing data compiled by global research firm Clarkson Research Institute said that Korean shipyards clinched new orders worth a combined 890,000 compensated gross tons (CGTs) last month to build 22 ships, following Chinese rivals' 1.07 CGTs, or 58 ships. Italy came third with 610,000 CGTs in new orders, or six ships, followed by Finland with 330,000 CGTs or two ships, the data showed. In the January-March period, a total of 2.74 million CGTs worth of new orders were placed around the globe, according to them. The combined annual new orders clinched by South Korea's big three shipbuilders stood at some US$10 billion last year, sharply down from $24.3 billion in 2015, $42 billion in 2014 and $54.3 billion in 2013, as low oil prices and a slowdown in the global economy reduced demand for new ships. The shipbuilding industry has been reeling from mounting losses caused by a fall in new orders, order cancellations and increased costs.