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Hyundai Heavy Industries Loses Billions

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The world’s largest shipbuilder Hyundai Heavy Industries (HHI) has recorded a loss of US$2 billion for 2014.

According to World Maritime News, the South Korean shipbuilder’s full-year revenue dropped by 3% year-on-year in 2014.

HHI recorded $560 million in losses in Q2, 2014 and more than $1 billion in Q3, 2014.

The losses are said to have been caused by growing competition from Chinese shipbuilders and slumping demand from European owners, as well as the global fall in oil prices.

In an attempt to recover some of its losses, HHI closed its unprofitable business branches and laid off a proportion of its staff.

(Source: Gizmodo)

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