Its orderbook for the seven-month period stood at $13.8bn, 14% down year-on-year.

Two weeks ago, the shipbuilder booked second quarter losses of KRW 616.6bn ($601m), down from a KRW 66.8bn profit in 2013.

TradeWinds reported at the time HHI had reached only 38% of its order annual target with Deutsche Bank suggesting retreating prices would continue to be a headache for depressed shipyards.

Rival