A ship under construction at Hyundai Heavy in Korea
Hyundai Heavy Industries Co., the world’s biggest shipbuilder, missed its target for new contracts for a second year as the credit crisis and shrinking global trade reduced demand for vessels. The shipyard won $10.6 billion worth of new orders for ships, marine engines and other products this year, compared with the $21.1 billion target, the South Korea-based company said today in a regulatory filing. This year’s new contracts are 61 percent less than a year earlier, it added. CMA CGM SA and China Ocean Shipping Group Co. are among companies that canceled orders and sought delays in delivery as a slump in rates pushed sea-carriers into losses.