Thursday, July 31, 2014

Korea’s Status as Strong Shipbuilding Power Shaken

A shipyard located in China.
A shipyard located in China.
31 JULY 2014
The Korean shipbuilding industry, which used to be the world’s best, has been shaken. China, once considered far below Korea, is aggressively chasing the country's industries, so Korean shipbuilding companies cannot win orders. The situation is becoming even more serious, as there is a huge loss in the offshore plant areas believed to create high added value.
According to the report on the rapid growth of Chinese shipbuilding and offshore industries and its implications by the Korea Institute for Industrial Economics and Trade on July 30, China scored the world’s number one in new vessel orders, shipbuilding volume, and remaining order amounts both in 2012 and 2013.
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