In 2006 Korean shipbuilding companies got new orders of 19,585,000 CGT, which was the highest number since 2000. Moreover in the first half of 2007 Korean shipbuilders have received more orders than that of a year ago. Strong demand for new vessels was expected to continue for the next few years at least, due to expanding world-wide seaborne trade, especially between China and USA, and increasing need of new ships to adapt new International Maritime Organization’s requirements. Amidst a boom in orders, Korean shipbuilders are expanding their facilities and striving to improve production technology to meet delivery.
