Korea received new vessel orders worth 52 billion US dollars during the January to November period last year up 6 percent from the previous year.
Those numbers were good enough, to place the nation's shipbuilding industry first in overall number of orders, accounting for more than 50-percent of global market share.
But experts say it could be a different story this year because of Europe's debt crisis.
"The shipbuilding industry is heavily dependent on orders made by shipping companies, so if those companies suffer, the industry would definitely be affected too. And as you know, the global economy isn't looking very hopeful this year, causing less of these companies to place orders."
Some even say that about a hundred shipbuilding companies around the world might have to close down due to the economic recession.
But on a brighter note, analysts say there might be a way to overcome these difficulties.
"I think it would be wise for these companies to diversify their types of orders because there will be less demand for ordinary vessels and more for offshore gas field plants."
Korea's big three shipbuilders have already started to enhance their offshore plant business because it's considered more promising than building general container ships.
And it looks like more companies may have to follow suit in order to survive the tough year ahead.