A crisis is brewing in South Korea that could have dramatic implications for the shipping markets — and it is not just the parlous financial state of the nation’s shipbuilders.

The country’s orderbook is running down fast in a shipping market in which capital investment is the last thing on shipowners’ minds.

The majority of Korea’s 50.4 milllion gross tons (gt) orderbook will be delivered in what remains of this year and next, leaving only 5.3