Spotlight Korean Shipbuilding Productivity

Shipbuilding these days is like a box of chocolates; you never know what you are going to get. Once again, demand for new ships, in this case mega containerships, has surprised the market and South Korean shipbuilders are showing us that there are plenty of chocolates left in the box.

Today’s news of a tenth dry-dock at Hyundai Heavy’s Ulsan shipyard (640m X 92m, January 2009 completion) underlines the acceleration of capacity of South Korean shipbuilders. It is clear that we are in supply super cycle with a doubling of capacity through to 2010. Demand has been vigorous for most of 2007 in the bulk arena while a surge of mega containership contracting has added an unexpected dimension to the newbuilding juggernaut. Unlike the multi-pronged demand of last year with owners chasing bulkers, tankers, containers and LNG, this summer’s hunger in the newbuilding market has clearly been for big containerships.

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