Ministry Of Knowledge Economy News

South Korea trailed China in terms of new shipbuilding orders in the first half of this year as local yards were unable to meet cheap prices offered by Chinese rivals, according to a report on www.tradingmarkets.com. The Ministry of Knowledge Economy said local shipbuilders, such as HYUNDAI HEAVY INDUSTRIES CO., SAMSUNG HEAVY INDUSTRIES CO. and DAEWOO SHIPBUILDING & MARINE ENGINEERING CO., clinched 4.62 million compensated gross tons (CGT) in new orders in the January-June period, up 450 per cent from a year earlier. (Source: http://www.tradingmarkets.com)

Intellian Technologies, marine satellite entertainment and communications provider, received a World Class Products award from the South Korean Government. Headquartered in Seoul, South Korea, the company’s marine satellite tracking antenna systems were selected by the Ministry of Knowledge Economy (MKE) during the recent certificate granting ceremony at the COEX InterContinental Hotel. MKE World Class Products represent over 10 percent of South Korea’s international market share, rank among the world’s Top-5 goods and have an international market scale of over $50m annually. “World class products and producers are anticipated to spearhead attaining this year’s export aim of $450m,” said Minister Yoon-ho.

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.