Newbuilding orders worth hundreds of millions of dollars were placed this week, with South Korea the main winner. Big contracts were placed in South Korea including for VLCC oil tankers, container ships and tankers. Lower newbuilding prices seem to be encouraging for some large contracts despite the depressed economic environment. In the naval sector, a 503.1 million euro contract for naval patrol ships was signed in Europe. The world shipping industry also faces calls to modernise its fleet to cut pollution.