Still quiet at Hyundai

South Korea’s shipbuilding giant, Hyundai Heavy Industries, is still to ink any new contracts this year. South Korea this year lost its top spot as the world’s leading shipbuilder to its rival China. As recently as 2007, new orders at Korean shipyards reached 32 million tonnes, this number plunged to just one-tenth of the 2007 volume by the end of 2009.