Korea to maintain top spot until 2015

Korea is likely to remain the world?s leading shipbuilding country until at least 2015 with a 40% market share according to Ms. Hong Sung In, a research fellow of Korea Institute for Industrial Economics & Trade. Hong said that Japan would take 30% of the market, China 20% and Europe 10%. Korean shipbuilders, however, should establish a strategy to meet the challenge from China by improving labour and management relationships, supply and demand of raw materials, and enhance international cooperation.

The researcher added that the ratio of high value-added ships from Korean shipbuilders such as LNG carriers, very large container carriers and offshore rigs would increase to 60% in 2015, up from 35% at present. Ship completions would reach 17million GT in 2015 compared to the current 13.6million GT while employment would drop from today?s 65,000 to between 50,000 and 55,000 in 2015 thanks to productivity increase.