South Korea’s Hyundai Heavy Industries likely saw a peak in newbuilding orders in 2022, according to a top shipbuilding analyst.
Nomura analyst Eon Hwang expects total orders in 2023 to decline 14.8% year on year to $13bn and decline a further 17.2% year on year in 2024 to $11bn.
“Though we expect offshore new orders to resume, the decline in shipbuilding/engine new orders will be increasingly severe,” the Seoul-based analyst said.
