Domestic shipbuilding up over 15%

Domestic shipbuilding exports increased 15.4% as compared with the same period last year thanks to a sudden increase in orders during the first half of this year.

On July 31, according to the Korea Shipbuilders Association, shipbuilding companies recorded 10.5 billion dollars of exports for the first half, increasing 15.4% over the 9.1 billion dollars from the first half of last year.

Industry experts attribute the increase to new container vessels deliveries during the first half of the year that were ordered by shipping companies from 2003 to 2005. Also, shipbuilding companies received many orders and recorded 7,300,000 CGT up 1.3% as compared with last year, reversing the decreasing trend since the second half of 2004. Ships built recorded 560 CGT, up 15% over last year.