The order backlog held by South Korean shipbuilders has dropped to the lowest level in 10 years amid the slumping global economy, industry data showed.
According to the data by global researcher Clarkson Research Services, South Korean shipbuilders had an order backlog totaling 28.44 million compensated gross tons (CGTs) as of end-February.
This marked the first time since August 2004 that the figure has fallen below 29 million CGTs.
South Korea is home to Hyundai Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co.
Experts say that the order backlog held by shipyards here will keep them busy for just one or two years.
The data showed that South Korea came in second in terms of order backlog following China, which held 37.69 million CGTs.
Major South Korean shipbuilders have been pushing for restructuring since last year to get over unfavorable business conditions caused by falling demand and ship prices in line with the slowing world economy.