Shipbuilders Exports to Increase in 2007

Tuesday, January 16, 2007
According to reports, Korean shipbuilders are forecast to enjoy an 18 percent increase in exports this year because of strong demand for high-priced ships and other products. The Korea Shipbuilders’ Association predicted Monday that local shipbuilders will log $26b in exports in 2007, up 18 percent from an estimated $22 billion in 2006. The country has recorded a sharp rise in shipbuilding exports over the past few years on the back of growing global orders for vessels to carry oil, gas and other products. The exports stood at $17.7b in 2005 after surpassing the $10b mark in 2003. Hyundai Heavy Industries, the world’s largest shipbuilder, predicts that its exports will increase to $9.2b, up from last year's $8b.

Daewoo Shipbuilding and Marine Engineering, the No. 2 shipbuilder, seeks to export $7 billion, up from last year's $5 billion. Source: Reuters

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