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Today, South Korea is the world's largest shipbuilding country with a global market share of 51.2% in 2011. South Korea leads in the production of large vessels such as cruise liners, super tankers, LNG carriers, drill ships, and large container ships. In the 3rd quarter of 2011, South Korea won all 18 orders for LNG carriers, 3 out of 5 drill ships and 5 out of 7 large container ships.[14]
Japan had been the dominant ship building country from the 1960s through to the end of 1990s but gradually lost its competitive advantage to the emerging industry in South Korea which had the advantages of much cheaper wages, strong government backing and a cheaper currency. South Korean production overtook Japan's in 2003 and Japanese market share has since fallen sharply. The market share of European ship builders began to decline in the 1960s as they lost work to the Japanese in the same way as Japanese builders have lost work to South Koreans more recently; Europe's production is now a tenth of South Korea's and is primarily military, although cruise liners and some cargo ships are still built in Italy, Finland, France, Germany and Denmark. The output of the United States also underwent a similar change.[15][16]
South Korea's shipyards are highly efficient, with the world's largest shipyard in Ulsan operated by Hyundai Heavy Industries slipping a newly-built, $80 million vessel into the water every four working days.[15] South Korea's “big three” shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, dominate global shipbuilding, with STX Shipbuilding, Hyundai Samho Heavy Industries, Hanjin Heavy Industries, and Sungdong Shipbuilding & Marine Engineering also ranking among the top ten shipbuilders in the world.[17] In 2007, STX Shipbuilding further strengthened South Korea's leading position in the industry by acquiring Aker Yards, the largest shipbuilding group in Europe. （The former Aker Yards was renamed STX Europe in 2008）。 In the first half of 2011, South Korean shipbuilders won new orders to build 25 LNG carriers, out of the total 29 orders placed worldwide during the period.[18]
China is an emerging shipbuilder that briefly overtook South Korea during the 2008-2010 global financial crisis as they won new orders for medium and small-sized container ships based on their cheap prices, although its current production is limited mainly to basic vessels.
Japan had been the dominant ship building country from the 1960s through to the end of 1990s but gradually lost its competitive advantage to the emerging industry in South Korea which had the advantages of much cheaper wages, strong government backing and a cheaper currency. South Korean production overtook Japan's in 2003 and Japanese market share has since fallen sharply. The market share of European ship builders began to decline in the 1960s as they lost work to the Japanese in the same way as Japanese builders have lost work to South Koreans more recently; Europe's production is now a tenth of South Korea's and is primarily military, although cruise liners and some cargo ships are still built in Italy, Finland, France, Germany and Denmark. The output of the United States also underwent a similar change.[15][16]
South Korea's shipyards are highly efficient, with the world's largest shipyard in Ulsan operated by Hyundai Heavy Industries slipping a newly-built, $80 million vessel into the water every four working days.[15] South Korea's “big three” shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, dominate global shipbuilding, with STX Shipbuilding, Hyundai Samho Heavy Industries, Hanjin Heavy Industries, and Sungdong Shipbuilding & Marine Engineering also ranking among the top ten shipbuilders in the world.[17] In 2007, STX Shipbuilding further strengthened South Korea's leading position in the industry by acquiring Aker Yards, the largest shipbuilding group in Europe. （The former Aker Yards was renamed STX Europe in 2008）。 In the first half of 2011, South Korean shipbuilders won new orders to build 25 LNG carriers, out of the total 29 orders placed worldwide during the period.[18]
China is an emerging shipbuilder that briefly overtook South Korea during the 2008-2010 global financial crisis as they won new orders for medium and small-sized container ships based on their cheap prices, although its current production is limited mainly to basic vessels.