South Korea to deliver over 500 ships in 2009

South Korean builders seem unfazed by the global financial downturn as its largest shipbuilders are set to deliver the highest-ever number of ships in 2009.

According to the Korean Shipbuilders’ Association (Koshipa), nine of its member companies will deliver 522 ships this year, about a hundred ships more than in 2007. Hyundai Heavy Industries passed a major milestone last year when it delivered over 100 vessels for the first time, and other yards like Samsung, Daewoo, STX and Hanjin have all reported an increase in output levels. Nine of the member companies affiliated with Koshipa account for 90 percent of the total ship building production in Korea.

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