Loss provisioning and restructuring will result in big losses for South Korea's three biggest shipbuilders for the second quarter of 2015, sector analysts predict. KDB Daewoo Securities analysts Sung Ki-jong and Lee Ho-seung have pointed to the dearth of rig and drillship orders and the delays in drillship deliveries as the cause of losses. They estimate a KRW240 billion (USD207.8 million) loss in the second quarter of 2015 for Hyundai Heavy Industries (HHI), which had a KRW489 billion loss for the second quarter of 2014. Sung and Lee explained, "Low oil prices should further delay the recovery of the offshore plant market and orders; the global economic slowdown will likely make it more difficult to achieve the overall order target, weighing... View more
