The global shipbuilding industry continues to struggle with exports from the three largest countries having fallen by 11% in May on a year earlier. That was down to a 67% slump in exports from South Korea having been only partly offset by an 88% surge from China. Hyundai MM’s recent orders will help South Korean yards going forward. China’s will struggle though after there was a net decline in new orders in May due to domestic order withdrawals (the first time since 2012 that has occured) leaving remaining orders at their lowest since December.