SHI sinks to a Q2 loss of $949m

The loss was a reversal from the profit of KRW206bn recorded in the same period a year ago.

The second quarter loss of KRW1.1trn was a completely different outcome from the KRW28bn profit that analysts were expecting, according to Bloomberg.

SHI posted a second quarter revenue of KRW1.44trn, a drop of 53.7% year-on-year.

The dearth of new orders, particularly in the offshore sector, and low newbuilding prices have seen Korean shipbuilders struggle to cope with the sector’s downturn.