7 Korean Shipbuilders Rank in Top 10

Seven South Korean shipbuilding companies are among the world's top 10 in terms of the backlog of orders received in 2005, according to London-based shipbroker Clarkson. The Korea Shipbuilders’ Association confirmed that the global industry considers a backlog of orders as the most appropriate measure for evaluating shipbuilders' rankings.

In the January-November period, Hyundai Heavy Industries won orders worth 10.7 million compensated gross tons (CGT), ranking No. 1 in the global industry, according to the shipbroking firm. Samsung Heavy Industries was the second, followed by Daewoo Shipbuilding & Marine Engineering. Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries, subsidiaries of Hyundai Heavy, ranked fifth and sixth. Hanjin Heavy Industries & Construction, a shipbuilding and plant construction firm, was seventh, and STX Shipbuilding, South Korea's seventh-largest shipbuilder, the eighth in the world, the shipbroker said.

Two Japanese firms were also on the list, trailed by a Chinese shipbuilder. While the Korean top three shipbuilders dominated in the areas of high-value-added vessels, such as container vessels, liquefied natural gas carriers and crude oil carriers, other companies, Hyundai Mipo and STX Shipbuilding, led in mid-sized shipbuilding.