Korea sees China as threat

The Korea Shipbuilder’s Association recently presented a report that Chinese shipbuilders are likely to overtake Korean yards in the construction of large container ships within the next five years. It also claims Chinese competition will overtake Korea for high-value ships such as LNG carriers within 10 years.

What also worries Korean shipbuilders is that the Chinese government is investing heavily in the industry after setting a goal of capturing 25% of the world shipbuilding industry’s market share by 2015 and becoming the market leader by 2020.