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Ministry Of Commerce Industry And Energy News

04 Dec 2000

EU Investigates Unfair Trade Practices

The European Union is to investigate alleged unfair trade practices by South Korean shipbuilders, a move that could lead to a World Trade Organization (WTO) case, Reuters reported. The move follows a complaint in October by the European shipbuilding industry that accused South Korea of subsidizing its shipyards to unfairly undercut the market. "We have looked carefully at the complaint of our industry and believe there are clear grounds for us to launch this investigation," European Union Trade Commissioner Pascal Lamy said. "We are treating the concerns of EU shipbuilders with the utmost seriousness. If necessary we will take this all the way to the WTO," he said. The Commission -- the EU's executive branch -- will launch a five-month investigation under its Trade Barriers Regulation.

07 Aug 2007

Korean Shipbuilders Secure $30b in Orders in 1st Half

South Korean shipbuilders have secured orders worth some $33.2b in the first half of the year. According to Korea’s Ministry of Commerce, Industry and Energy, domestic shipyards received orders to build 364 ships, which translates into 11.32 million compensated gross tons (CGTs) worth $33.2b, up 51.3 percent from a year earlier. This marks the first time in the country’s shipbuilding history that shipbuilding orders for a six-month period have exceeded $30b, the ministry said in a press release. An increase in cost per ship also contributed to swelling coffers. Local shipyards received $2,933 for each CGT of shipping they agreed to build in the first half compared to $2,284 a year earlier.

02 Jan 2007

Samsung Heavy Expects Fewer Ship Orders

Samsung Heavy Industries said that orders this year for its vessels and offshore platforms may fall as much as 21 percent as demand weakens from three consecutive years of records, Bloomberg reported. New contracts may drop to between $10 billion and $12 billion from an all- time high of $12.6 billion last year, reports indicated. Even the low end would be the second- highest level of new business in the company's history. Samsung Heavy and other yards in South Korea, home to the world's largest shipyards, took almost half of the orders last year in the world's $100 billion ship industry, as increased demand for fuel and global trade prompted shipowners to expand their fleets. Backlogs are at their highest ever, representing more than three years of work for the South Korean shipbuilders.

25 Oct 2006

S. Korea's Shipbuilding Orders Hit High

Combined orders received by South Korea's shipbuilders reached a record $12.4b in the third quarter of the year, reports said. The tally represents a 106.4 percent gain as measured in dollars, and a 142.5 percent surge in actual shipbuilding orders compared to the same three month period in 2005, the Ministry of Commerce, Industry and Energy said. In the July-September period, South Korean shipyards clinched orders for 152 ships amounting to 5.97 million compensated gross tons (CGT). Korean shipyards have been logging up orders in excess of 2 million tons since the first quarter of this year. South Korea has put seven shipbuilders on the world's top-10 list including Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Industries Co. and Samsung Heavy Industries Co. Seoul, Oct.