New Delhi, June 6 -- South Korean shipbuilders witnessed a decline of 32 per cent on a year-on-year basis in new orders from January to May, according to shipping industry tracker Clarkson Research Services, as reported by the Korea Herald.

During these five months, Korean shipbuilders reported a total of 3.81 million compensated gross tonnage, representing 24 per cent of the global market, second only to China, which led with 7.86 million CGT, or 49 per cent.

This decline was attributed to selective order-taking, as companies like HD Hyundai Heavy Industries, Hanwha Ocean and Samsung Heavy Industries were prioritised as they deal with high-value-added vessels such as liquefied natural gas carriers rather than container ships.

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