Korean Shipbuilding Exports Surge 15.4 Percent

The combined exports of Korea’s shipbuilders rose 15.4 percent from a year ago to $10.5b in the first half of this year on delivery of large container carriers, The Korea Herald reported. Climbing from $9.1b during the same period last year, shipbuilders continued to drive the country’s exports. Industry sources attribute the surge to increased construction and delivery of large container ships which led the brisk market between 2003 and 2005. Shipbuilding orders received in the first six months also inched up 1.3 percent to 7.3 million compensated gross tonnage, recovering from a decline since the second half of 2004. Some 5.6 million CGT were built in the first half, up 15 percent from a year ago. With increased new orders, backlog orders also swelled 6.4 percent to 38 million CGT which is enough to keep the docks busy for 3.5 years. (Source: The Korea Herald)