Singapore—South Korean shipbuilders are expected to face challenges in securing new vessel orders in 2020 and further out, as a prolonged coronavirus pandemic could result in a global orders drought, the Ministry of Trade, Industry and Energy said Monday. Over January to March 2020, global orders for new vessels sank 70% year on year to 2.39 million CGT (compensated gross tons), of which 400,000 CGT was secured by South Korean shipbuilders. The Q1 tally marks a sharp dive from the 1.62 million CGT secured by the domestic shipbuilders last year over the same period, data from Clarksons Research Institute showed.
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