Shipbuilding remains in the doldrums, with deliveries in February from yards in China, Japan and South Korea falling 28% on a year earlier. The total value of $3.8 billion was the lowest for a single month since at least 2008, and was half the level of January. The outlook isn’t much better for Chinese yards – orders are at their lowest since at least February 2011. South Korean builders may see an upturn first, with Hyundai MM and SM Group potentially looking at expanding their capacity.