Korea Predicted to Post $50 Bln in Ship Exports in 2009

Shipbuilding will become the first single export item to surpass the $50 billion mark

The combined value of shipbuilidng exports for the first six months of this year by the Korean shipbuilding industry was $25.2 billion, a 33.6 percent surge over the same period of last year despite unfavorable business conditions, including a decline of new orders and ship prices caused by the global economic recession, according to figures made available by the Ministry of Knowledge Economy (MKE).
The MKE said Korean shipbuilders are forecast to rake in more than $50 billion in shipbuilding exports during the whole of 2009. This would make shipbuilding the first single export item to surpass the $50 billion barrier in terms of the value of exports, indicating Korea’s commanding control over the global shipbuilding market, it said. Korea’s shipbuilding exports soared from $17.72 billion in 2005 to $22.11 billion in 2006, $27.77 billion in 2007 and $43.15 billion in 2008.
About 300 people including those in the Korean shipbuilding industry, related industries and government officials got together at the COEX InterContinental Hotel in Seoul on Sept. 15 to celebrate Shipbuilding Korea 2009.
The year 2009 marked the ninth anniversary since Shipbuilding Day was designated in celebration of the nation’s combined tonnage of ship orders received annually surpassing the 10 million ton mark on Sept. 15, 2000. The participants included Minister of Knowledge Economy Lee Youn-ho, Choi Kil-sun, chairman of the Korea Shipbuilders’ Association (KOSHIPA) and Lee In-sung, vice chairman of BOD at STX Offshore & Shipbuilding.
At the anniversary ceremony, Kim Dong-gak, senior vice president of Daewoo Shipbuilding & Marine Engineering and 27 others were presented with orders and other citations in recognition of their contributions to the development of the domestic shipbuilding industry.
Kim was decorated with the Order of Industrial Service, Silver Tower, while Yang Ho-chan, president of Hoseung Enterprise, received the Bronze Tower. Kim was credited with pursuing thrift management and building constant dialogue channels between management and labor. Yang was recognized for nurturing a world-class shipbuilding machinery & equipment maker and saving production costs through the standardization of shipbuilding machinery and equipment.
In his commemorative speech, Minister Lee urged Korean shipbuilders to develop core technologies of such value-added ships as marine plants and LNG ships, upgrade shipbuilding machinery & equipment industries and explore such new industries as maritime and leisure ships. Prior to the anniversary ceremony, KOSHIPA held an anniversary seminar. nw

KOSHIPA Chairman and Hyundai Heavy Industries Vice Chairman Choi Kil-seon, MKE Minister Lee Youn-ho, STX Offshore & Shipbuilding Vice Chairman Lee In-sung, KOSHIPA Vice chairman Han Jang-sop and other dignitaries attend a ceremony to celebrate Shipbuilding Korea 2009 at the COEX InterContinental Hotel in Seoul on Sept. 15.