An increasing number of newbuilding orders are being cancelled after the ships have been almost completed, as the buyers find it hard to finish payment amid worsening financing market.
Even the world's largest shipbuilders like Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering are watching their orders being adjusted or cancelled as the shipowners fall deeper into the red in their operating results.
Moreover, the Heavy-tail payment terms are putting more pressure on shipyards as they face a cash-flow gap during ship construction.
Against this backdrop, the Big 3 shipbuilders have issued trillions of wons (billions of dollars) worth of corporate bonds this year alone.
Published : November 9, 2012
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