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Shipbuilding industry in South Korea - statistics and facts

The modern shipbuilding industry is dominated by East Asian countries, with South Korea and China repeatedly trying to gain the upper hand against each other. Historically, the leading country for shipbuilding was Japan in the 1950s. South Korea kicked off its entry into the industry during the 1970s, and gradually managed to surpass its neighboring country to become the leading ship manufacturer worldwide. In the more recent years, China had been threatening South Korea’s position with the backing of the Chinese government. Nevertheless, South Korea still boasted a strong presence in the world of ship manufacturing, and its major players were not merely big fish in a small pond.

Unpredictable waters

The South Korean shipbuilding industry experienced two major challenges in the 21st century, during which the volume of shipbuilding orders plummeted. One was the Great Recession in the late 2000s, and the other was in 2015. Especially in the latter case, various shipbuilding companies suffered financial difficulties that necessitated drastic restructuring in order to survive. The main reason for volatility in the shipbuilding market can be attributed to fluctuations in oil prices per barrel. Oil prices also significantly decreased in 2015, which impacted the demand for ships that helped transport such materials. Additionally, the South Korean shipbuilding industry was suffering from a surplus of supply in terms of ship producers. In particular, there was an influx of small-scale businesses newly entering the market, many of which did not survive past the 2015 crisis.

Workplace hazards

Another defining trait of the shipbuilding industry is the sheer scale of construction. Contemporary shipbuilding methods comprise of building up the ship in smaller blocks, which are then combined at the shipyard. Even though precautions were taken, unfortunate incidents still occur every now and then. It did not matter how experienced a worker was when it came to accidents, and there were concerted efforts to analyze and improve workplace safety.

Adapting and overcoming

The shipbuilding industry was a major economic sector for South Korea, and its domestic leaders were also at the forefront of the global shipbuilding scene. In recent times, there were various trials and tribulations that shipbuilders had to navigate. As the world focuses on tackling climate change and moves away from crude oil to more environmentally friendly alternatives, it falls upon shipbuilding companies to properly react to such paradigm shifts and maintain their businesses.

Key figures

The most important key figures provide you with a compact summary of the topic of "Shipbuilding industry in South Korea" and take you straight to the corresponding statistics.

International trade

Oil prices

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Shipbuilding industry in South Korea".

Shipbuilding industry in South Korea

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Shipbuilding industry in South Korea - statistics and facts

The modern shipbuilding industry is dominated by East Asian countries, with South Korea and China repeatedly trying to gain the upper hand against each other. Historically, the leading country for shipbuilding was Japan in the 1950s. South Korea kicked off its entry into the industry during the 1970s, and gradually managed to surpass its neighboring country to become the leading ship manufacturer worldwide. In the more recent years, China had been threatening South Korea’s position with the backing of the Chinese government. Nevertheless, South Korea still boasted a strong presence in the world of ship manufacturing, and its major players were not merely big fish in a small pond.

Unpredictable waters

The South Korean shipbuilding industry experienced two major challenges in the 21st century, during which the volume of shipbuilding orders plummeted. One was the Great Recession in the late 2000s, and the other was in 2015. Especially in the latter case, various shipbuilding companies suffered financial difficulties that necessitated drastic restructuring in order to survive. The main reason for volatility in the shipbuilding market can be attributed to fluctuations in oil prices per barrel. Oil prices also significantly decreased in 2015, which impacted the demand for ships that helped transport such materials. Additionally, the South Korean shipbuilding industry was suffering from a surplus of supply in terms of ship producers. In particular, there was an influx of small-scale businesses newly entering the market, many of which did not survive past the 2015 crisis.

Workplace hazards

Another defining trait of the shipbuilding industry is the sheer scale of construction. Contemporary shipbuilding methods comprise of building up the ship in smaller blocks, which are then combined at the shipyard. Even though precautions were taken, unfortunate incidents still occur every now and then. It did not matter how experienced a worker was when it came to accidents, and there were concerted efforts to analyze and improve workplace safety.

Adapting and overcoming

The shipbuilding industry was a major economic sector for South Korea, and its domestic leaders were also at the forefront of the global shipbuilding scene. In recent times, there were various trials and tribulations that shipbuilders had to navigate. As the world focuses on tackling climate change and moves away from crude oil to more environmentally friendly alternatives, it falls upon shipbuilding companies to properly react to such paradigm shifts and maintain their businesses.

Interesting statistics

In the following 5 chapters, you will quickly find the {amountStatistics} most important statistics relating to "Shipbuilding industry in South Korea".

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