HYUNDAI Heavy Industries Co., the world’s largest shipbuilder, lead a decline in shipping stocks in Seoul on concern orders for new vessels are declining.

Hyundai Heavy shares headed for the biggest weekly decline in more than three months, falling 6 percent to 384,500 won in Seoul as of 12:54 p.m. in Seoul.

Daewoo Shipbuilding & Marine Engineering Co., the world’s third-biggest shipyard, fell 7.3 percent to 38,950 won.

Orders received at shipyards in South Korea, the largest shipbuilding nation, have already exceeded last year’s record on demand for vessels to transport raw materials to China and finished goods to the rest of the world.

Some shipping lines are buying second-hand vessels at higher prices because they don’t want to wait more than three years for new ships.

“Investors are concerned because there has been fewer orders being announced lately,” said Lee Jae Won, an analyst at Tong Yang Investment Bank in Seoul, who has a “buy” rating for the shipbuilding industry.

“It’s seasonally a slow period for contracts, but it should start to pick up next year.” Hyundai Heavy said on November 21 that contracts for new vessels dropped 82 percent from a year earlier to $183 million in October.

The company said it will only accept orders with “better prices and conditions” as it works through a backlog, which represents about four years of work.

Hyundai Mipo Dockyard Co., a unit of Hyundai Heavy, declined 8 percent to 248,500 won.

Samsung Heavy Industries Co., the world’s No. 2 shipyard, fell 3.7 percent to 38,800 won.

STX Shipbuilding Co., the world’s fifth-largest shipyard, slid 12 percent to 40,200 won. (Bloomberg)

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AIRFREIGHT 2100 Inc., the licensee of Federal Express Corp. in the country, said it will spend more in the next three to five years to expand its operation and modernize its facilities, equipment, and on technologies that it use for its expanding operations.

SOUTH Korea, the biggest shipbuilding nation, will ease ship-fund regulations as it competes with Singapore to become an Asian hub for vessel financing.

HYUNDAI Heavy Industries Co., the world’s largest shipbuilder, lead a decline in shipping stocks in Seoul on concern orders for new vessels are declining.