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Heftier losses await struggling Singapore shipyards in 2016
Oil prices will drop to unprecedented levels.
For many Asian shipyards, 2015 was a brutal year. This year could be even worse, according to a report by Bloomberg.
"Nobody is ordering new rigs," said Lee Yue Jer, a Singapore-based analyst at RHB Securities Pte. “We’re still at the worst” point of the cycle.
Singapore-based Sembcorp Marine, the second-biggest builder of oil rigs, expects to post a loss in the fourth quarter, its first since the company started reporting three-month earnings in 2003. Cosco Corp. Singapore Ltd., the shipbuilding arm of China Ocean Shipping Group, forecast a “significant" net loss in the same period.
Read the report in full here.
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