Monday, July 25, 2011

Shipbuilding Boom in Africa


South Korean shipbuilders spur in entering African market, which is one of emerging countries with abundant natural resources.

Hyundai Heavy Industries is planning to construct offshore-plant factories in Nigeria and Daewoo Shipbuilding & Marine Engineering (DSME) is also in consideration of building shiprepair yard in South Africa.

Korea's big shipbuilders have been preparing to enter into BRICs and middle east region by reinforcing relationships and performing consultations.

Moreover, now they are moving forward to expand into a new market, Africa.

Hyundai signed the MOU with Nigerian government over constructing factories in Brass island, located in east-south of Nigeria in June.

Also, it has already built LNG shipping company jointly with Nigerian-state oil company to build offshore facilities and LNG carriers in 2007. Hyundai is seemed to buildup a favorable relationships with Nigeria, nation of abundant resources.

DSME is also known to plan to construct a shiprepair yard in Richard bay, the republic of South Africa.

DSME is to invest about $6bn to benefit from repair of ships sailing southern shore.

It aggressively pushes into African market, as DSME already is in operation of joint shipping companies in Nigeria, took over 30% shares of PAENAL Shipyard in Angola, etc.

Published : July 25, 2011

Source: Asiasis


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