Korea shipbuilding companies take the lead

Korea’s shipbuilding companies reclaimed the number one spot beating China.

As of 12, according to CLAKSONS Research, international research institution, said domestic shipbuilding companies’ amount of order is 1.399 million CGT (Compensated Gross Tonage) which exceeds the amount of order for Chinese companies (1.223 million CGT)

An official from the industry said that “the amount of order (for domestic companies) increased because big Korean shipbuilding companies such as Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering Co. have earned many new orders like Samsung Heavy Industries’ new oil tanker orders and Daewoo’s Yamal project.”

However, in terms of accumulated amount from January 2014 to July 2014, the amount of orders for Korea’s shipping companies (7.245 million CGT) is far behind from that of China’s shipping companies (11.36 million CGT).

Also China’s total sum ($20.8 billion) of orders exceeds Korea’s total sum ($19.3 billion).

One official from the industry said “This reclaim might be temporary phenomenon,” and added that “the amount of order for industries still shows unstable patterns.”

Written by Han Sol Song graduated from Pennsylvania State University – University Park, Advertising/Public Relation