World’s Largest Shipbuilder Reports $3 Billion Loss As Baltic Dry Index Hits New Record-er Low
“Some Shipping Folks Are Sinking…” South Korea’s Hyundai Heavy Industries, the world’s largest shipbuilder, has reported operating loss of KRW 3.25 trillion in 2014, or about USD $2.96 billion. The operating loss in 2014 is compared to a profit of KRW 802 billion in 2013.
In the fourth quarter, South Korea’s Hyundai Heavy Industries’ revenues were up 11.6 % from the previous quarter to KRW 13.8641 trillion thanks to increased working days, receipt of change orders from clients and the progress of mega-sized EPC projects in offshore and onshore businesses, the company reported.
However, in year-over-year (YoY) terms, HHI witnessed a slight drop of 6.5 % in revenues as low oil prices hurt the refinery business, according to HHI.
Mal-investment-driven excess supply, debt-saturated inequality-driven demand shrinkage, or both?
At 530, The Baltic Dry Index is at fresh record-erer lows…
It appears some folks were over-building a little…
Charts: Bloomberg
Source: http://silveristhenew.com/2015/02/13/worlds-largest-shipbuilder-reports-3-billion-loss-as-baltic-dry-index-hits-new-record-er-low/
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