For many Asian shipyards, 2015 was a brutal year. This year could be even worse.
With oil prices forecast to fall as low as $15 a barrel and China’s growth slowing, orders for offshore projects and new vessels are hard to come by for Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co., the world’s three biggest shipbuilders. As the industry struggles with overcapacity and low rates, customers have been pushing back delivery schedules or canceling orders outright, a trend likely to continue this year.
