Korean Shipbuilders Secure $30b in Orders in 1st Half

Tuesday, August 07, 2007
South Korean shipbuilders have secured orders worth some $33.2b in the first half of the year. According to Korea’s Ministry of Commerce, Industry and Energy, domestic shipyards received orders to build 364 ships, which translates into 11.32 million compensated gross tons (CGTs) worth $33.2b, up 51.3 percent from a year earlier.

This marks the first time in the country’s shipbuilding history that shipbuilding orders for a six-month period have exceeded $30b, the ministry said in a press release. An increase in cost per ship also contributed to swelling coffers. Local shipyards received $2,933 for each CGT of shipping they agreed to build in the first half compared to $2,284 a year earlier.

Enhanced technologies and new construction methods, coupled with expanded facilities and equipment, also helped the local shipyards see a large increase in this year’s building capacity. Local shipbuilders completed ships totaling 5.57 million CGTs in the first half of the year, up 12.1 percent from the latter half of last year. Since the first quarter of 2004, they have been building at a rate of more than 2 million CGTs every quarter. Source: Korea Times

Maritime Reporter September 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Servowatch IPMS Completes FATs for UK Navy

The fully integrated platform management system Servowatch designed and built for three new offshore patrol vessels for the U.K. Royal Navy has completed BAE Systems’ Factory Acceptance Tests (FAT).

Steel Cut on UK Navy’s Newest Warship

Construction has begun on a new warship for the U.K. Royal Navy as the Minister of State for Defense Procurement, Philip Dunne MP cut the first steel in Glasgow today.

MAN 32/44CR Engine for Trawler Newbuild

Voyager Fishing Company, Ltd., based in Kilkeel, Northern Ireland, has ordered a new trawler/purse seiner, designed by Salt Ship Design in Norway and to be built at Karstensens Skipsværft in Skagen,

Maritime Safety

Captain of Ill-fated El Faro was Known as Trusted Mariner

The captain of the ill-fated cargo ship that sank in a hurricane off the Bahamas with no survivors last week was an experienced and highly trusted mariner who had spent a lifetime on the water,

Collision Course with a Hurricane: How Doomed US Ship Met its End

The ill-fated U.S.-flagged El Faro cargo ship sunk by Hurricane Joaquin was sailing at near full speed into the center of the storm before it lost propulsion amid mountainous waves and brutal winds,

White House Backs El Faro Investigation

President Barack Obama on Wednesday offered condolences to the families of the 33 sailors presumed to have lost their lives aboard cargo ship El Faro which is believed

Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.1254 sec (8 req/sec)