South Korean shipbuilders are expected to see the first drop in ship exports in almost two decades this year, according to the Ministry of Knowledge Economy.
Korean yards are estimated to deliver ships and offshore products worth $43bn in 2012 against the $54.5bn record set last year, considering $25.5m worth delivered in the first half of the year, in a report by Bloomberg.
Um Kyung A, an analyst at Shinyoung Securities said, “The credit crisis pretty much wiped out orders in 2009 and that’s now starting to show. However, it should get better next year when a lot of the offshore and big boxship orders start to be delivered.”