STX Shipyard, Jinhae, SOUTH KOREA

Not a good quality photo, as it was taken from a plane, but it marks the lowest point in a generation of South Korean shipbuilding.

There are only four tankers to be seen fitting out : Sinokor's "Pacific Martina" and Andriaki's three 74K product carriers. Large dry dock is completely empty; there are also no hull blocks to be seen around the yard.

They do, however, have some orders for the next year. So, let this be the lowest point and, like they say, the only way is up...