For many Asian shipyards, 2015 was a brutal year. This year could be even worse. With oil prices forecast to fall as low as $15 a barrel and China’s growth slowing, orders for offshore projects and new vessels are hard to come by for Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co., the world’s three biggest shipbuilders. As the industry struggles with overcapacity and low rates, customers have been pushing back delivery schedules or canceling orders outright, a trend likely to continue this year. “Nobody is ordering new rigs,” said Lee Yue Jer, a Singapore-based analyst at RHB Securities Pte. “We’re still at the worst” point of the cycle. Shipping rates plunging with China A troubled foray into building offshore rigs ballooned the debts of the Big Three, pushing them into losses and sending their shares down for a second consecutive year […]