Korean yards' value drops 40 percent in 2nd quarter

The Koran shipyards lost 40 percent of their share value in the 2nd quarter. The good news is that now things can only get better, analyst tells Bloomberg.

The South Korean shipyard industry dropped to record-low levels in the 2nd quarter. The country's five biggest shipbuilders suffered a combined loss of around USD 358 million, the biggest quarterly loss since the 1st quarter 2010. Hyundai Heavy Industries, Hyundai Mipo Dockyard and Hanjin Heavy Industries all suffered losses in the second quarter, while the profits at Samsung Heavy Industries  and Daewoo Shipbuilding & Marine Engineering were lower than in the same period last year.

The shipyards have lost an average 40 percent of their share value, compared to a 0.1 percent increase in the Korean Kospi 200 index, according to Bloomberg.

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