Korean Shipbuilding Faces Tough Future

Wednesday, May 12, 2010

According to a May 12 report from The Korean Times, Korean Shipbuilding companies face a tough future. In the 2000s, the shipbuilding business was a cash cow for Korea Inc., which accommodates many of the world's foremost players ― Samsung Heavy Industries, Hyundai Heavy Industries, STX Heavy Industries and Daewoo Shipbuilding & Marine Engineering. The segment was hit hard by the global financial distress. Yearly orders of new ships shrank to about 600 in 2009 from 5,000 in 2007. Although the major shipyards have recovered somewhat this year they will face difficult times down the road. Observers said demand for new vessels is not likely to rebound to more than 2,000 any time soon. Ships do not wear out overnight and the resumption of overall demand will be limited.

(Source: The Korean Times)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Austal Delivers LCS 8 to US Navy

Austal Limited (Austal) (ASX:ASB) delivered the future USS Montgomery (LCS 8) to the U.S. Navy, during a ceremony held aboard the ship at Austal USA’s shipyard in Mobile, Alabama, USA on 23 June.

Conrad Shipyard Forms LNG Business Unit

Conrad Shipyard has formed a new business unit focused on LNG projects.   Conrad, builder of North America’s first LNG bunker barge scheduled for 2017 delivery,

Prince Charles Places Final Section of UK Aircraft Carrier

The second of the largest warships ever built for the U.K. Royal Navy, the Queen Elizabeth Class carrier HMS Prince of Wales, was given the royal seal of approval when HRH The Prince of Wales,

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.0519 sec (19 req/sec)