Feb 9, 2012

7 Out of World's Top 10 Shipyards in Korea

According to shipping research firm Clarksons Wednesday, 7 out of world's top 10 shipyards are in Korea.
Samsung Heavy Industry topped the list with over 8 million compensated gross tonnage or CGTs -- a unit indicating the amount of work necessary to build a ship.


Daewoo's shipyard at Okpo and Hyundai's dockyard in Ulsan followed, while Hyundai affiliates, Samho and Mipo came in fifth and sixth, respectively.


When consolidated with Hyundai Heavy industries, the three Hyundai affiliates surpass the top ranking Samsung.
Three Chinese shipbuilders ranked between seventh and ninth followed by another Korean company Sungdong.
Korea grabbed half of the global shipbuilding orders last year and far outpaced China in terms of order value reclaiming its world's number one shipbuilder title.


The research firm said earlier that this year’worldwide orders would shrink by nearly 10 percent amid global uncertainties but Korean shipbuilders will be less affected as orders for offshore plants and LNG carriers will take up a larger portion of the global demand.


Those are what Korean companies specialize at -- the high value-added vessels such as drill ships or liquefied natural gas carriers while Chinese companies rely heavily on tankers and bulk carriers.
And Chinese shipbuilders face a tougher outlook this year as new orders for bulk carriers and tankers will head downward.


Global ship orders dropped 30 percent from 2010 due to the sluggish shipping market and liquidity issues but Korea posted a 7 percent rise in new orders while the volume of orders placed with China almost halved over the same period.

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