Korean Shipbuilders Eye the Future

Monday, May 22, 2006
The Korea’s shipping industry, the world largest, is preparing itself for the future. The domestic shipping industry has been sweeping the first seven places across the world in terms of the amount of orders received and the rest amount of them. However, China is also formidable as it is running right after Japan, which is tailing Korea.

Korean shipping companies are accelerating their efforts to heighten added value by developing Liquefied Natural Gas (LNG) ships and building high value-added cruise ships. The shipping industry is one of the leading export industries in Korea. Last year, it ranked fifth following semiconductors, vehicles and wireless telecommunication equipment in order in terms of export amounts by industry. In particular, the industry’s trade balance surplus was $16.1 billion, which makes up 69 percent of the total Korean trade balance surplus. That is three times bigger than that of semiconductors ($4.9 billion).

As the amount of orders placed has increased recently, domestic shipping companies are receiving orders selectively, first from high valued ships such as LNG ships and crude oil drill ships.

However, there is a long way to go. Most shipbuilding technologies are domestically sourced, but design drawings for LNG ships are being bought from GTT, a French company. Royalties paid for such ships are usually about nine billion won per ship. Around 30 such ships are being built a year in Korea; the royalties amount to some 270 billion won a year.

Three leading shipping companies such as Hyundai Heavy Industries, Samsung Heavy Industries, Daewoo Shipbuilding and Marine Engineering, and the Korea Gas Corporation have set a goal to domestically produce LNG ship design technology by 2009 and have started doing research to that end beginning in 2004. The invested research funds so far amount to 18.6 billion won in total. Research teams plan to complete technology development within this year and verify whether the technology can be applied starting next year.

If the research succeeds, Korea will become the second country to hold the technology after France. The U.S. and Norway have also jumped into this research.

(Source: www.donga.com)


Shipbuilding

COSCO Delivers PSV and Two Jack-up Rigs

Cosco (Dalian) Shipyard Co., Ltd., a subsidiary of its 51 percent owned Cosco Shipyard Group Co., Ltd., has delivered two jackups to the Foresight Group of companies

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

ACE Winches Bags Order from Vard

Deck machinery specialist ACE Winches said it has been awarded a spooling contract with Vard Group AS for Norway’s largest construction vessel.   The scope of work includes the spooling of two 3,

Naval Architecture

Rotor Sail Development Gets a €2.6 Mln Boost

Norsepower Oy Ltd., the leading provider of low maintenance, software operated, and data verified auxiliary wind propulsion systems, has been selected to receive €2.

Pods Versus Water Lubricated Props

Thordon Bearings has called on the marine industry to investigate the characteristics of both conventional seawater-lubricated propeller shaft systems and podded

IWSA to Host Wind Propulsion Forum at SMM

The International Windship Association (IWSA) will host its annual Wind Propulsion Innovation Forum at SMM2016 in Hamburg, including an extensive agenda with expert

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0749 sec (13 req/sec)