Up to 45 per cent of global shipyards will have no orders to work on at year-end, according to research by analysts at Deutsche Bank, carried out for the world's biggest shipbuilder, Hyundai Heavy Industries.
The work, published in the latest edition of the South Korean industrial giant's journal, New Horizons, also shows that global commercial ship orders were down 48 per cent year on year, in the first nine months of this year and the order backlog fell to half of the level of the first half of 2008.
Global shipbuilding has been going through a downturn for the past four years, said the research, with the downturn being felt more in the commercial shipbuilding industry, where demand is driven by fixed asset investments and growth in global trade.
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