Korea: New Strategy for ‘Strategic’ Orders

Monday, March 24, 2008

While South Korean shipbuilders continue to enjoy another good year, representatives from three of the world’s largest yards reportedly are angling to focus on securing more ‘strategic’ orders to keep momentum, according to a report in the Korea Times.

Korean yards are facing increasing pressure from Chinese shipbuilders, and to maintain its world lead the strategy includes a focus on these strategic orders. Hyundai Heavy Industries, for example, has come up with a strategy to win more very large crude carriers (VLCCs) to meet the growing demand for such ships, according the the report in the Korea Times.

Hyundai received orders worth $5.7 billion in February, including 318,000 ton VLCCs. The company is also said to have won two VLCC buildings from Korea line Corp.

According to company officials, the delivery of the 320,000 ton tankers is set for late 2010 and early 2011 with the pair costing at least $300 million.

Samsung Heavy plans to win more drill ship orders in the belief that exploration projects will regain momentum this year.
Since 2005, Samsung has won orders to build 20 drill ships, pushing its global market share in the segment to 67 percent.

Daewoo Shipbuilding and Marine Engineering (DSME) also continues to win a large volume of orders for container ships as it did in the past.  (Source: The Korea Times)

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