Orderbooks secured by nine major shipbuilders in Korea have dropped to the lowest level in 10 years that it showed a 56% decrease compared to the highest mark.

According to statistical data from the Korea Shipbuilders Association (KOSHIPA), a total amount of orderbook of these shipbuilders marked 28mCGT at the end of last year, which is the lowest size over the last 10 years since the end of 2002 when their orderbook totaled 27mCGT.

These nine builders are Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Hyundai Samho Heavy Industries, STX Offshore & Shipbuilding, Hyundai Mipo Dockyard, Hanjin Heavy Industries and Construction, ShinaSB Yard and Dae Sun Shipbuilding & Engineering. A total amount of their orderbook increased from 27mCGT in 2002 to 35mCGT in 2003 and later, it increasingly grew up to 64mCGT in 2007. However, when the global economic crisis occurred in 2008, the orderbook fell to 54mCGT and then continuously slashed to 28mCGT for five years in a row.

In 2012, nine local shipyards contracted a total of 7mCGT newbuildings, which recorded the second lowest orders since 2002 when contracted 7mCGT, following after 2m-CGT newbuilding signed in 2009. Comparing total newbuildings contracted last year with 2007, when the largest amount of 32mCGT were booked, the figure plummeted by 78%.

Meanwhile, since having delivered a total of 7mCGT in 2002, these nine shipbuilders showed a gradual increase until having reached a peak with total delivery of 14mCGT in 2011. By recording 12mCGT delivery in 2012, delivery seems to have started a downturn.