Korean Shipbuilders Expect Sales to top $30b in '08

Korean shipbuilders are expected to post record overseas sales in 2008 on the back of continued high demand for ships, industry sources said Tuesday. According to the sources, Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., and other shipyards are forecasting that their combined exports will top $30 billion next year, following this year’s estimated $27 billion.

In 2006, local shipyards’ exports reached $21 billion. This year, Korean ship-builders are estimated to have acquired about 40 percent of the global shipbuilding orders from shipping companies. Analysts said their booming business will continue into next year. Shipyards in Korea, the world’s largest shipbuilding nation, have received record orders in recent years as demand has surged for vessels to transport raw materials to China and goods to the rest of the world. The shipbuilders have enough orders to keep them busy for about four years. Source: Korea.net