The prices for new ships have dropped considerably, reaching the lowest level in six recent years, The Transport Business reports citing the analysts of the Korean Shipbuilders Association. Just in January this year the price fell as much as 18% from the same period in 2009.

The industry analysts said the cutback was primarily due to a lack of orders from local companies. In the first three quarters of 2009 the Korean shipbuilders received just 9 orders for the construction of ships. The situation improved slightly in December 2009, when the country’s shipbuilders had 40-vessel contracts. Despite the increase in the number of orders, experts do not rule out the prices will continue further downward trend in the years ahead.