y***o
发帖数: 416 | 1 在去年中国超韩国后，韩国造船今年再远远超中国。在去年中国超韩国时，本版曾有过
大量评论。
Korea wins pole position in shipbuilding
Sweeping away recent worries on strong challenges from China, Korea led the
shipbuilding business in a convincing fashion during the first three months
of the year.
The Korean Ministry of Knowledge Economy (MKE) said Wednesday that Korean
shipyards combined to win orders for 90 vessels in the first quarter whose
value amounts to $12.8 billion.
China secured orders for 88 ships over the same period but their overall
worth was just $3.5 billion. The data was provided by global consultancy
Clarkson.
"Our shipbuilders have obtained orders for high-valued products such as
large-sized containers and drill ships. For example, our companies have won
all 34 orders for big-sized container vessels. That’s why their revenues
are far larger than those of China," MKE official Song Hyo-jeong said.
"In terms of compensated gross tonnage (CGT), our market share was 52.5
percent in the first quarter compared to 31 percent for China and 3.6
percent for Japan."
CGT refers to a widely-used indicator of the amount of work necessary to
construct ships. The unit, which depends on types and sizes of specific
vessels, is a common benchmark in the shipbuilding businesses.
Korea dethroned perennial champion Japan in 2003 to become the global leader
. Yet, Asia’s fourth-largest economy was overtaken by China in 2009 and
failed to regain the top position last year.
China’s market share was 45.7 percent in 2009 compared to 31.2 percent for
Korea based on CGT. The former jacked up the figure to 47.6 percent last
year against 33.9 percent of the latter. Japan was a distant third during
the two years with a single-digit share.
"In the wake of the unprecedented financial turmoil in 2008, the number or
vessel orders nosedived, which prompted Korean shipyards to struggle. By
contrast, Chinese rivals were boosted by demand inside the populous country,
" Song said.
"In addition, China typically dominated in price-sensitive bulk carriers and
tankers to surpass Korea over the past two years. As the orders for high-
valued vessels increase of late while those for bulk carriers and tankers
headed down, however, Korea has a chance to beat China this year."
Upbeat about the positive results in the first quarter, the MKE revised this
year’s goal for shipbuilding exports from $50.5 billion to $51.7 billion.
Korea accommodates several well-known shipyards including long-time business
bellwether Hyundai Heavy Industries and close competitors such as Samsung
Heavy Industries and Daewoo Shipbuilding & Marine Engineering.
Source: Korea Times | y***o
发帖数: 416 | 2 Also in a recent Bloomberg Businessweek report:
Korea Shipyards’ LNG Skill Beats China Bulk Focus: Freight
Sept. 30 (Bloomberg) -- South Korean shipbuilders’ focus on the most
complicated and expensive vessels has allowed them to double their share of
global orders this year as China’s low-end strategy fails to pay off.
Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co.
and Samsung Heavy Industries Co., the world’s three largest shipyards, have
won 40 percent of orders in 2011 as higher oil prices spur demand for
liquefied-natural gas tankers and drill ships. Chinese yards’ 2011 contract
tally is worth about 25 percent of Korea’s, based on Clarkson Plc data, as
a glut of commodity ships damps demand in their main market.
“It’s been a good year for Korean shipyards and it’s going to get even
better next year,” said Park Moo Hyun, an analyst at E*Trade Securities Co.
in Seoul. “For Chinese builders, 2012 may be difficult because there is
just too much capacity.”
A 19 percent slump in global ship orders this year has predominately hit
Chinese yards, with six of the 10 biggest failing to win any orders since
late June. Korean shipbuilders have avoided the slowdown as they have
largely ceded the dry- bulk and small container-ship market to low-wage
China yards.
“It’s now become a race for survival for shipyards in China,” said Cho In
Karp, head of research at Heungkuk Securities Co. in Seoul. “If they don’
t have a source of income other than traditional shipbuilding, it’s going
to be very difficult to remain in business.”
Drill-Ship Record
Hyundai Heavy, based in Ulsan, South Korea, has already exceeded its $12.3
billion sales target for this year, helped by 10 orders for drill ships
worth $5.5 billion. That’s the largest number of deals for such ships the
company has won in a single year, according to Hur Sung Duck, an analyst at
HI Investment & Securities Co. in Seoul. The vessels are used by oil
companies to drill test wells in deep waters.
In June, the shipyard also won the world’s first order to build two
floating storage and re-gasification units from scratch. The units, which
hold LNG and then turn it back into natural gas, have traditionally been
made by converting oil tankers.
Hyundai Heavy gained 0.9 percent to close at 281,000 won, the highest price
in a week, in Seoul trading today. Daewoo Shipbuilding advanced 1.6 percent
and Samsung Heavy climbed 1.3 percent.
$100 Billion Spending
Demand for offshore products, including floating oil and gas production
units, may increase as companies develop new fields. Royal Dutch Shell Plc
has said it plans to spend $100 billion in four years through 2014 to
maintain output growth. Petroleo Brasileiro SA, Brazil’s state-controlled
oil producer, said last month it plans to drill more than 1,000 offshore
wells through 2015. The price of oil has risen about 20 percent in the past
two years.
“In an uncertain market, you want to spend on something you know will earn
you money and energy is just that,” said Richard Park, an analyst at Korea
Investment & Securities Co. in Seoul. “Korean shipyards are the ones that
will benefit the most from this.”
In total, Korean yards have won $37.8 billion of orders this year, compared
with $10.3 billion for China, according to Clarkson. Samsung Heavy has won $
14.8 billion of orders, beating its $11.5 billion target, while Daewoo
Shipbuilding has $10 billion, compared with an $11 billion goal.
LNG Carriers
The two Seoul-based shipyards have received contracts for semi-submersible
drilling rigs, floating oil storage and production units, LNG carriers and
drill ships. Daewoo Shipbuilding has also won orders worth $3.7 billion to
build 20 ships able to hold 18,000 containers each from A.P. Moeller- Maersk
A/S. The vessels will be the largest of their type.
New orders for Chinese shipyards fell 37 percent to 28.07 million deadweight
tons in the eight months through August, the National Development and
Reform Commission said in a statement on its website today. Contracts in
August plunged 60 percent, and about 40 percent of shipbuilders haven’t won
orders this year, it said.
Overall global ship orders fell to the lowest monthly tally since November
2009 in August, according to Clarkson data, as the European debt crisis
compounded waning demand for vessels.
“There have been concerns that some customers may put off or cancel plans
for new ships because it may be getting more difficult to get funds,” said
Korea Investment’s Park. “European banks have traditionally been big
lenders for ships.”
Rising Competition
Korean yards may also face more competition from China over the next few
years as they develop better technology, said Arjun Batra, a managing
director at Drewry Shipping Consultants Ltd. China Rongsheng Heavy
Industries Group Holdings Ltd. is already building a deepwater pipe-laying
crane ship, which is due for delivery this year. It is also developing LNG
vessels with Gaztransport & Technigaz SAS and STX France SA.
Yangzijiang Shipbuilding Holdings Ltd. in June became the first Chinese
shipyard to win an overseas order for ships able to hold 10,000 containers.
Lessor Seaspan Corp. ordered as many as 25 vessels from the shipyard, while
Peter Dohle Schiffahrts- KG signed a letter of intent for eight more the
same month.
The Korean yards now “have the technological skills, engineering skills,
design skills, production skills and quality,” Batra said. “But the
Chinese will catch up.”
Still, challengers to the big three Korean yards will need time to break
their grip on the energy market. Changwon, South Korea-based STX Offshore &
Shipbuilding Co., the world’s fourth- biggest shipbuilder, has won two
orders for drill ships from Noble Corp. in a deal signed in September 2008.
It hasn’t got contracts from anyone else.
“The top-tier yards have a huge advantage because owners know they will
deliver quality goods on time,” said Lee Sokje, an analyst at Mirae Asset
Securities Co. in Seoul. “They will be able to pick and chose which
contracts they want into next year.”
--Editor: Vipin V. Nair, Neil Denslow |
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