Korean Shipbuilders Steam Ahead of Chinese Rivals
Time：2014-12-08
Browse：107
According to Clarkson Research Services, Korean shipbuilders won 586,809 compensated gross tons of shipbuilding orders last month, compared to China’s 267,663 CGT.
In October, Korean shipbuilders won 907,477 CGT in orders, around three times more than their Chinese rivals.
Industry sources said the resurgence of Korean shipbuilders reflects the frustration of clients following the failure of Chinese firms to deliver vessels on time. Lacking ample resources, Chinese shipyards have often failed to meet crucial deadlines, according to industry watchers.
When it comes to cumulative shipbuilding orders so far this year, Chinese shipyards have won 14.57 million CGT in orders compared to 10.2 million CGT by Korean shipyards, or four percent more in money terms.
But there is no room for complacency. The Chinese government has given radical support to the shipbuilding industry for several years, while a decline of US$500,000 to $1 million in large oil tanker and cargo vessel prices has weighed on the bottom lines of Korean shipbuilders.
Yoo Byung-se at the Korea Offshore and Shipbuilding Association said, “From now on, the competition will be over ultra-large, fuel-efficient special vessels and Korean shipbuilders will have to gain a solid foothold in this segment ahead of Chinese rivals in order to survive.”