Plummeting US oil prices and reduced demand for crude oil, and global shipments are making South Korea's shipbuilders jittery, causing them to put order plans on hold.

For the first time in history, US benchmark West Texas Intermediate crashed into negative territory at minus $37.63 per barrel on Monday.

Meanwhile, global crude oil benchmark Brent oil plunged to around two-decade lows.

NH Investment & Securities analyst Choi Jin-myung confirmed that most shipowners are proceding with their usual operations due to the sharp decline in oil prices and the global economic slowdown brought by the pandemic.

Consequently, shares of shipbuilding firms are on the decline.

Korea Shipbuilding & Marine Engineering stocks went down 1.69 percent from the previous day, closing at 75,000 won. Shares of Samsung Heavy Industries and Hyundai Mipo Dockyard also dipped.

Among the key industries that the Korean government intends to assist with its proposed 40 trillion won worth stabilization fund is shipbuilding.

Nonetheless, it is uncertain how much money will be allocated to the shipbuilding industry.

Global orders for ships are also down, fall 78 percent year-on-year to 2.33 million compensated gross tons in the first quarter.

In Korea, only two liquefied natural gas carriers — the major product built by Korean shipbuilders — were ordered during the first quarter.

According to a forecast by Clarksons Research, 756 ships will be ordered this year, down 23.4 percent from 2019.