South Korea’s shipbuilding sector continues to grow, supported by a strong US dollar and stable heavy steel plate prices. The country’s shipbuilders are enjoying the advantage of exchange rates, with full order books for the next three to four years.
The drop in iron ore prices to USD 103.9 per ton and increasing imports of more affordable Chinese steel plates have reduced shipbuilders’ production costs. South Korea imported 1.16 million tons of Chinese heavy plate in the first ten months of 2024, increasing its cost advantage in this area.
In the meantime, India is taking steps to expand its market share by modelling itself on South Korea’s success in the sector. India, which has a share of less than 1% of the global shipbuilding market, aims to increase this share to 20-25% by 2047. In this regard, a high-level delegation from India visited South Korea to discuss partnership and technical cooperation opportunities with leading South Korean shipbuilders such as HD Hyundai, Hanwa Ocean and Samsung Heavy Industries.
India plans to seek technology transfer and expertise support from South Korea for the production of large ships. The government is also preparing to implement policies such as subsidies, maritime clusters and ship recycling incentives to support the sector.
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