South Korea ranked first in volume of orders in the shipbuilding industry. In September 2017, South Korean shipyard received orders for the construction of 26 container ships with total deadweight of 1.46 million DWT. China ranks second place with 21 vessels and combined deadweight of 890 thousand DWT, in the third place is Japan with 12 ordered vessels with total deadweight of 260 thousand DWT.
Тhe industry representative noted that the current growth is a “positive signal” for the not-so-good South Korean shipbuilding industry. At the same time, he was at a loss to say whether this trend is long-term and whether it signals the end of the crisis in the industry.
An unprecedented crisis overtook the shipbuilding industry of South Korea in 2015 due to the growing competition from China and a sharp reduction in the number of orders.
Three of the country’s largest shipyards – Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, then announced plans to scale down production facilities, close docks and reduce staff. The cumulative net loss of three corporations in 2015 reached 7.7 trillion KRW (6.5 billion USD).
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