Hyundai Heavy Industries sees order intake shrink

OCTOBER 19, 2012 — More evidence, not that any was needed, of the  global shipbuilding demand downturn: Yonhap reports that Hyundai Heavy Industries Co., South Korea’s leading shipbuilder, said Thursday that its order intake in the first nine months of the year had dropped more than 40 percent, as the global economic downturn curtailed demand for new ships.

In a regulatory filing, the shipbuilder said it won orders valued at US$13.12 billion in the January-September period, down 40.43 percent from a year earlier.