Shipbuilding Industry Boom Continues

Friday, March 16, 2007
Korean shipbuilders are continuing brisk business this year despite analysts’ earlier predictions that the global shipbuilding market would suffer cuts in demand. Unlike the gloomy outlook in the industry, domestic shipbuilding companies are enjoying steady sales as international shipping firms have ordered more vessels to carry oil, gas and other products. According to Clarksons, an international research provider for the shipping industry, 532 large vessels were ordered for the first two months worldwide.

Korean shipbuilders, the world’s leading group, expect that they will enjoy an 18-percent increase in overseas demand this year on the back of a series of orders for high-priced ships. The Korea Shipbuilders’ Association said that domestic shipbuilders will receive $26 billion in export orders in 2007, up 18 percent from $22 billion a year before. The country has recorded a sharp rise in shipbuilding exports over the past few years.

Their exports stood at $17.7b in 2005 after surpassing the $10b mark in 2003.

Hyundai Heavy Industries, the world’s largest shipbuilder, estimates its exports at $9.2b, up from last year’s $8b. Daewoo Shipbuilding and Marine Engineering, the No. 2 shipbuilder, seeks to export $7 billion, compared with $5 billion in 2006.

Korea again took the No. 1 position in global shipbuilding orders last year, posting a 54 percent increase in orders compared to 2005. Last year, Korean shipbuilders topped in three major categories _ new orders, order backlogs and the volume of vessels built, according to Clarksons. Notably, they received a total of 19 million compensated gross tons (CGTs) in new orders, a record high. In 2005, it was 14.5 million CGTs.

Japan came in second with 9.1 million CGTs, followed by the European Union with 4.9 million and China with 4.5 million. Source: Korea Times

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

Shipbuilding

Brazilian Police to Probe Nuclear Submarine Program

Brazilian federal police are investigating potential irregularities in a military program that aims to build a nuclear-powered submarine in partnership with France by 2023, newspaper Folha de S.

General Dynamics Tops Q2 Estimates

General Dynamics Corp, a maker of ships, tanks and business jets, reported higher-than-expected quarterly earnings and revenues on Wednesday, and sharply raised its outlook for full-year profit.

Eastern Launches Second MPSV for Hornbeck

Eastern Shipbuilding Group, Inc. has launched the second of two 302’x76’x26’ multipurpose service vessels in the HOSMPSV 310ES series for Hornbeck Offshore Services, LLC.

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators
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: 0.1659 sec (6 req/sec)