According to a report from Asia Pulse Data Source, Hyundai Heavy Industries Co., said that its orders sank 57 percent in October from a year earlier on falling demand for new ships, reflecting a declining shipbuilding cycle.
The orders received last month fell to $325m from $758m a year earlier, the shipyard said in a regulatory filing.
The company said it did not receive new orders for ships this month. Contracts for marine engines plunged 99 percent to $2m last month and those for construction equipment fell 35 percent to $169m, it said. Orders for offshore platforms more than doubled to $15m, according to Hyundai Heavy.
In the first 10 months of the year, Hyundai Heavy's orders gained 20 percent to $26.1b.
(Source: Asia Pulse Data Source)