On September 11, the Ministry of Trade, Industry and Energy held a commemorative event for the “21st Shipbuilding and Marine Day” at the El Tower in Yangjae-dong, Seoul. The event, attended by about 250 people from the shipbuilding and marine plant sector, celebrated the achievements and future plans of South Korea’s shipbuilding industry. Notable attendees included First Vice Minister Park Sung-taek, Choi Sung-an, Chairman of the Korea Offshore & Shipbuilding Association, and CEOs from major shipbuilding companies such as Samsung Heavy Industries, HD Hyundai Heavy Industries, and Hanwha Ocean.
Shipbuilding and Marine Day, designated on September 15, 1997, marks the milestone when ship orders surpassed 10 million tons. Since 2004, it has been celebrated annually with a ceremony to recognize the contributions of individuals and companies to the industry. This year’s event was particularly significant as it highlighted the industry’s robust order backlog and future strategic initiatives.
Vice Minister Park, in his congratulatory speech, emphasized the industry’s current strength, stating, “Our shipbuilding companies have secured stable work amounting to about 200 trillion won for 3 to 4 years through orders for high-value-added ships such as LNG carriers and large container ships.” This backlog, equivalent to 39.11 million CGT (Compensated Gross Tons) as of the end of July, underscores the industry’s economic significance to South Korea, a leading shipbuilding nation alongside China and Japan.
During the event, Samsung Heavy Industries Vice President Jang Hae-gi received the Silver Tower Order of Industrial Service Merit, and HD Hyundai Heavy Industries Vice President Jeon Seung-ho was awarded the Bronze Tower Order of Industrial Service Merit. In total, 33 individuals were honored with government commendations for their contributions to the development of the shipbuilding and marine industry.
The Ministry of Trade, Industry and Energy also used the occasion to announce the “K-Shipbuilding Super Gap Vision 2040,” a strategic plan unveiled last July. This vision includes “10 Flagship Projects” such as liquid hydrogen carriers and autonomous ship platforms, aimed at maintaining South Korea’s competitive edge in the global shipbuilding market. The ministry plans to push forward with these projects to ensure the industry’s long-term sustainability and innovation.
Addressing current challenges, the ministry highlighted its plans to strengthen the shipbuilding industry materials, parts, and equipment (SPE) within this year. This initiative aims to reduce the industry’s high dependence on foreign core components by fostering “super subcontractor shipbuilding equipment companies” and enhancing the competitiveness of the entire shipbuilding industry value chain. Additionally, to tackle labor shortages, the ministry plans to collaborate with the Ministry of Justice to enhance the utilization of foreign labor soon.
The ministry also acknowledged the difficulties faced by small and medium-sized shipbuilders in securing Refund Guarantees (RG). They committed to monitoring the RG issuance status and preparing measures to support these shipbuilders, ensuring they can continue to contribute to the industry’s growth.
Source: Business Korea