Korean shipyards will be benefited from Chinese concentrating on offshore, which slightly reduces Koreans' proportion of offshore order but curbs tough competition with China in commercial ship segment.
Analyst Park Mu-Hyun of E*Trade Securities said if Chinese shipyards place with few of their core R&D resources in offshore segment, "this means, in other words, there would be no investment in engineering and design of commercial ship."
There sees already a big gap of fuel efficiency between Korean-made and Chinese-made commercial ships, he revealed "while competition between China and Korea is becoming fiercer in winning offshore orders, Korean shipyards are gaining power in commercial ship market."
Park added Chinese shipbuilders without sufficient experiences in building VLCCs were facing with cancellation by excessive delivery postponement and were notified cancellation even in the least complicated segment, bulkers.
He pinpointed that Chinese shipyards entering offshore segment, which is even more complicated than VLCC requiring more engineering and design expertise, experiences and funds, etc., won't be easy.
Published : December 7, 2012
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