Korean Shipbuilders Set Sights on Cruise Market
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Korean Shipbuilders Set Sights on Cruise Market


Korean shipyards, which swept nearly 40 percent of global orders last year, will cooperate to tap into the lucrative cruise market in a bid to stave off the rising threat from China. Chief executives of five Korean shipbuilders, including the world's No. 1 Hyundai Heavy Industries, agreed to initiate a 40 billion won research project on cruise ships, jointly with the Ministry of Commerce, Energy and Industry. They will map out a five-year plan to help the shipbuilders maintain their global dominance.

The shipyards agreed that with China rapidly increasing its capability to build low-end vessels such as bulk ships, it seems like there's no other option for Korean shipyards but to switch to the high-end markets for luxury cruise ships and marine plant facilities. The Korea Shipbuilders' Association said in a recent report that Korean shipbuilders need to focus on the cruise ship market worth over 10 trillion won. Global demand for the luxury ships is expected to grow 5 percent annually.

Korean shipyards have been focusing on producing carriers of bulk and liquefied petroleum gas and do not have a strong foothold in the cruise ship business, which accounts for about 20 percent of the global shipbuilding market. The cruise ship market is currently dominated by European shipyards.

The Korea Herald  

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