Market insight: South Korea
South Korea is a major contributor to the global shipbuilding market in terms of new shipbuilding orders. They have the 3rd largest newbuling orderbook globally and more than half of the worlds larges shipyard groups are operated from Korea. Amongst them are Hyundai Heavy Industries, DSME and Samsung Heavy Industries. In May 2019 Korean yards won most of the shipbuilding orders in the world. The orders amounts to 16 large commercial ships, which equals 60 % of world orders, according to Clarkson.
The global shipbuilding market is expected to grow in future due to increasing seaborne trade and economic growth, rising energy consumption, demand of eco-friendly ships and shipping services. Key trends of this market are: growing market segments, significant consumption of steel, average age of global fleet, advancements in container shipping, and rising demand for LNG fueled engines. In Korea, government is taking various initiatives to support shipbuilding industry. The South Korean government has confirmed it will help to finance some 200 ships of varying types over the next three years to assist its depressed shipbuilding and shipping industries meet global demand. Up to 140 bulk carriers and 60 containerships are on the agenda to be built.
Kormarine is an important panel for decision makers from all shipbuilding nations, South Korea in particular. Shipowners, top managers, engineers and technicians meet in Busan to exchange the newest information and discuss newbuilding projects and trends in the Korean shipping and shipbuilding market. This makes Kormarine an important arena for Norwegian suppliers of technology, equipment and services.
Join the Team Norway pavilion at Kormarine 2019 to benefit from and take part in this increased newbuilding activity! We only have 15m2 free space at the pavilion, which is a good sign of the interest among Norwegian suppliers in being present and to be competitive in gaining newbuilding contracts. This also means that free space is limited, so you must be quick if you want to take part. To read more about the Team Norway pavilion see the full invitation below.