Korea’s secret to dominance in the shipbuilding industry is…
Did you know that South Korea is the world’s largest shipbuilder? According to Kyunghyang Shinmun, a newspaper based Seoul, South Korea had a global market share of 37.45%. This is the result of Korea’s ability to produce a wide range of high-tech vessels including cruise liners, super tankers, LNG carriers drill ships, and large-sized container ships.
The secret goes beyond just technical capabilities. It lies in the way Korean shipbuilders manage their docks. It’s not about the number of docks they have, but it’s all about utilizing them in the most efficient manner possible. According to the Korea Shipbuilders’ Association, Korea’s turnover rate is twice as fast as China’s.
Last year, STX constructed some 28 vessels in its dockyard in Jinhae, a city located on a mountainous stretch of Korea’s Namhae, or southern coastline.
Don’t be surprised. This is equivalent to building 30 vessels in 6 different docks and 9 construction facilities in Dalian, China’s biggest shipbuilding facility.
While other facilities construct one or two vessels at a time, STX boasts a system that makes precise estimates to eliminate any gaps between builds. As a result, STX has the capability to construct up to three vessels at the same time.
But who knows? Maybe shipbuilding runs in the Koreans’ blood, as evidenced by the fact that they built Geobukseon, the world’s first ironclad war vessel back in the 16th century.