Shipbuilding industries floundering in a severe depression are expected to slowly recover in two to three years.
Jung Suk-Joo, head of the Korea Shipbuilders' Association, during a seminar hosted by the federation of Korean Industries (FKI) on August 21, prospected, "Commercial ship market will continue to be under downturn for a short period, but in the longer term, from 2014 to 2015, the market is expected to gradually recover."
He said, "Since shipbuilding industries had a brief prosperity in 2010, orders have kept falling by over tonnages, delayed economic turnaround, etc."
"Stagnant shipping market will maintain during the second half of this year, as well."
However, he forecast that shipyards will become more competitive in merchant ship segment, along with increasing offshore-related vessels and platforms, such as drillship, FPSO, LNG carrier, etc.