South Korean shipbuilding industry is suggested that it should prepare for Chinese high-value vessels, as Chinese shipbuilding industry is competitive in its size, low price as well as high-technology.
The Korea International Trade Association of Shanghai branch reported 'Present condition and implications of shipbuilding industry in China' on March 25. It said, "Although major shipbuilding-related indexes would fall, China's export of high-value vessels would grow afterwards."
The report states that newbuilding delivery in China has set its highest record in 2011 with 76.65m dwt, up by 16.9% year-on-year, which made up 45.1% of global market share. Although new order and orderbook decreased y-o-y by economic strike, they reached 36.22m dwt and 149.91m dwt, taking 52.2% and 43.3% in the world, respectively.
Particularly, Chinese shipbuilders are gaining strength in ship export market. About 81.6% of delivery and 91.2% of backlog are taken by export vessels, mostly of bulker, tanker, boxship, etc.
The report points out, "China's shipbuilding industry's proportions on high-value vessel, facility and equipment are rising these days. Therefore, Korean shipbuilding industry should work hard to maintain its competitive position by collaborating IT, fuel reducing technology, etc."