Korean Shipbuilding Facing Chinese Threat
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Korean Shipbuilding Facing Chinese Threat


Korea's global market share in container ships and very large crude carriers (VLCC) is being threatened by the rapid growth of China, which recently surfaced as the world's third-largest shipbuilder. Korea Ratings, a credit rating agency, released a report stating that the global market share of Korean shipbuilders for VLCCs dropped from 56.8 percent in 2001 to 42.6 percent last year. China's market share, however, rose from 6.8 percent in 2001 to 21.3 percent during the same period that year. Japan's share dipped slightly, from 36.4 percent in 2001 to 36.2 percent in 2005.

The credit rating agency said Korea will likely see its market share continue to fall as China grows rapidly. Even in the market for large container ships, China's presence has gained critical momentum. The country's market share for large container vessels ¯ ships that exceed 8,000 twenty-foot equivalent units (TEU) ¯ rose from zero in 2003 to 5.4 percent last year. During the same period, Japan's share increased by 2.8 percentage points to 15.7 percent. Korea's share for container ships in 2003 was 87.1 percent, but has since dropped 21.4-percentage points due to fierce competition from China and Japan. The credit institute said China is building shipbuilding docks in Shanghai and Qingdao, and will have the ability to construct between 7 million and 10 million tons of vessels by 2008.

JoongAng Daily  

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