South Korea’s massive shipbuilding industry, the world’s leader, is facing a crisis, with the country’s three largest shipbuilding firms reporting combined losses of W6.4 trillion (US$5.5 billion) in 2015 alone in offshore plants as the shipping market has deteriorated and world oil prices have plunged, resulting in a fall in new contracts.
The industry is facing restructuring after the failure to cope with the crisis, but with numerous stakeholders and sizeable financial transactions, restructuring is bound to be slow and on a large scale.
More
No comments: