Hyundai Heavy Industries Co said that the value of the contracts it won in the first 2 months of 2009 dived 85% YoY, hit by slumping demand for new ships.

Hyundai Heavy won USD 1.25 billion worth of orders for marine engines and construction equipment from January to February, 2009 period as compared with USD 8.36 billion for the same period a year earlier.

It may be noted that demand for new ships is sinking as the global financial crisis makes it difficult for clients to raise funds to place new orders. Hyundai has not received a single new ship order since September 2008.

(Sourced from www.yonhapnews.co.kr)