KOSHIPA predicts growth for Korean ship builders

Domestic shipbuilding companies will likely occupy the top spot, supplying over 40% of world shipbuilding by 2015. As global ocean cargoes increase, the demand for shipbuilding will increase 1.7% annually on average until 2015.

The Korea Shipbuilders' Association (KOSHIPA) published a report on the challenges facing domestic shipbuilding businesses and an outlook for the industry on March 8.

In it, Korean shipbuilders will build 16,700,000 GT ships by 2015; they made 15,140,000 GT vessels last year. Market share for them should increase from 38.5% to 40.13% during the same period.

Vessel exports will increase from 15.3 billion dollars to 17 billion dollars . The scope of shipbuilding equipment exports should also increase from 0.5 billion dollars to 2 billion dollars.

The report also predicts that building rates for high value-added vessels will increase from 18.5% to 40% as shipbuilders receive orders for relatively expensive vessels such as large container ships and LNG carriers.