Hyundai Heavy 9 month 2012 orders dropped by 40pct YoY

South Korea's leading shipbuilder Hyundai Heavy Industries Co said that the orders it won in the first 9 months of 2012 had dropped more than 40% as the global economic downturn curtailed demand for new ships, Yonhap News reports.

In a regulatory filing, the shipbuilder said it won orders valued at USD 13.12 billion in the January to September 2012 period, down by 40.43% YoY.

Hyundai Heavy won shipbuilding orders worth KRW 5.02 billion in the first nine months of 2012, down by 53% YoY. Orders for plants, machinery and offshore facilities also dropped by more than 40% YoY.