The massive red hull of a freighter, only a third of the way through construction, has lain untouched for three months in the shipyard of C&Heavy Industries in the port of Mokto.

All work has stopped on the dry bulk carrier, now propped up on the dockside at the silent yard. The only activity at the small shipbuilder these days is the frantic search by management for funds after its Korean banks reined in their loans as the global credit crunch hit.