Shipbuilding Orders Hit Record High
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Shipbuilding Orders Hit Record High


The combined shipbuilding orders received by South Korean shipyards hit a record high during the first two months of this year. The total shipbuilding orders won by Korean shipbuilders reached roughly five million gross tons during the two-month period, double the previous record of two million gross tons posted in 2000. The ship orders received for the two months equal one-fourth of the 10.46 million compensated gross tonnage (CGT) local shipbuilders received during 2000 as well as one-third of last year total orders of 7.59 million CGT.

Shipbuilding orders won by local dockyards amounted to 6.33 million CGT in 1999, 10.46 million CGT in 2000, 6.41 million CGT in the following year and 7.59 million CGT last year. South Korea was the world top country in receiving shipbuilding orders in 1999 and 2000. The shipbuilder Hyundai Heavy Industries received orders worth $1 billion over the past two months and Daewoo Shipbuilding and Marine Engineering clinched orders worth $440 million in the first two months of this year. If the present favorable market trend continues throughout the year, the local shipbuilding industry is forecast to achieve its target of between 7.5 million CGT and 7.7 million CGT, and match or break the record high orders received in 2000 and reestablish itself at the top position in the world.

The Korea Times  

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