June 30, 2009

S. Korean shipbuilding industry hit

South Korean ship builders have been hit hard by the global economic slowdown as new orders plunged in 2009 first half, industry sources told Yonhap.

The slump has hit South Korea's leading shipbuilders, the South Korean news agency reported.

The three major shipyards received combined orders of only $1.23 billion in the first six months of this year, compared with $34.1 billion in the same period of last year, Yonhap said.