Singapore shipyards' new orders sink to $820m in 2016

This is a sharp drop versus the $4.9b new orders in 2019.

Singapore shipyards managed to secure some $820m in new orders last year, a massive drop from the $4.9b nabbed in 2015.

According to the figures from the Association of Singapore Marine Industries (ASMI), total order book by the end of 2016 stood at around $8b, down 57.9% from the previous year.

In a report from Splash247, ASMI president Chua San Lye said major shipyards had received requests for deferred delivery of projects or experienced customers undergoing a major restructuring.

"The reduced exploration and production (E&P) and drilling activities have resulted in a dearth of new orders for drilling rigs given the weak utilisation of existing operating rig fleets, coupled with the supply overhang of newbuilds still under construction."