Korea Shipyard to build a shipbuilding facility

The Korea Shipyard Co. in Mokpo and Jindogun in Jeollanamdo have signed a contract for the construction of a shipyard in Jindogun. The new shipyard will have an annual shipbuilding capacity of 200,000 DWT and will be completed by the end of 2005. Some $24 million will be invested and it is planned that the shipyard will employ 1,200 workers and achieve an annual turnover of $85 million.

An official of Korea Shipyard said that the new shipbuilding facility will mainly build handymax sized container ships. Size of newly built dry dock will be about 250m in length and 40m in width and the aim is to build six ships per year as well as carrying out ship repairs.