South Korean yards won half of the world’s shipbuilding orders in the first half of this year, the News International reported.
The Ministry of Knowledge Economy and the shipbuilding industry said yards secured orders for 12.40 million compensated gross tons, or 50.6 per cent of the world’s total.
It said overall global demand fell sharply compared to 2007 but the proportion of orders won by local companies increased.
In 2007, secured 38.9 percent of all orders placed against 37.3 percent for its main rival . In the first half, ’s share dipped to 34.3 percent.
Shipbuilding is one of the country’s top five export industries with the total value of overseas sales reaching $27.68 billion last year.
It has been the world’s top shipbuilder since 2003 and is home to the world’s five largest yards, led by Hyundai Heavy Industries.
Source: The News International