Shipbuilders to suffer extended slump, cut output capacity
May 16, 2016
South Korean shipbuilders' worst-ever slump may stretch into next year, as demand for new ships is expected to remain low amid still slackened oil prices and slumping global trade, prodding local shipyards to cut their output capacity, industry sources said Monday.According to a report compiled by the Export-Import Bank of Korea (Korea Eximbank), a total of 2.32 million compensated gross tons worth of new shipbuilding orders were placed around the globe during the first quarter of the year, down