Korean shipbuilders on a high

Korean shipbuilders have been leading the global market with competitive prices and timely deliveries for the past decade, thanks to peaceful labour-management relations and sufficient domestic supply of parts and steel plates. Since the early 1990s, domestic dockyards have seen no labour disputes or strikes, which used to be a major problem for shipbuilders in the past. The domestic supply of steel plates and equipment, such as engines, has also grown in step with the increasing demand.

In stark comparison, Japan’s shipbuilders are expected to withdraw from the shipbuilding mainstream within 10 years, given the country’s ageing skilled labour force and stagnant design capabilities according to a report by Samsung Securities Co.