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Daewoo Shipbuilding in southeastern Korea ranks among the country's top three vessel makers. Under construction are 30 ships ranging from 300-ton oil tankers to large cargo vessels that can carry 4,000 containers.
The shipbuilder generated US$10.5 billion in sales last year. This year it is aiming even higher -- $13.5 billion in sales, up 20 percent from last year.
Korean shipbuilders captured seven spots including the top five out of the world's top 10 last year. And since 2000 the number one spot has always been a Korean firm. Han Jang-sup, vice president of the Korea Shipbuilders' Association, said shipbuilders "are eyeing exports of $53 billion worth of vessels this year up 25 percent from last year. The number one spot is guaranteed."
However, the forecast is not entirely rosy because a drastic drop in orders is expected due to the global economic crisis. The shipbuilding industry seems to cycle between lucrative and depressed every four or five years. That is why industry watchers say performance in 2009 will depend on how well Korean shipbuilders plan in terms of maintaining their technological and price competitiveness.
Arirang News
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