"The heightened economic and geopolitical uncertainties and weaker market conditions in some shipping sectors have been the main cause," says Loh.
New orders for the offshore and marine have slowed this year, but, from the perspective of UOB Kay Hian's Adrian Loh, the key Singapore-based stocks in this sector remain attractive and their valuations justify the same "overweight" call.
In his July 29 note, Loh, citing industry sources, says that total contracts as at the end of June is down more than 50% over the year-earlier period.
