Page 110: of Maritime Reporter Magazine (September 1993)

South Korean Curbs On

Shipbuilding To End Amid

Controversy

South Korea's Ministry of Indus- try, Trade and Energy said that next year it will end its regulation of domestic shipbuilding, despite warnings from three major domes- tic shipbuilders of a market glut. "The government has no inten- tion of extending the current ratio- nalization program — limiting new entrants and capacity expansion — which expires at the end of this year," a ministry official responsible for domestic shipbuilding affairs report- edly said, adding that the govern- ment will let shipbuilders expand capacity according to their own judg- ment. The rationalization program was imposed in 1989 by the govern- ment, which feared redundant in- vestments.

The government's decision allow- ing shipbuilders greater self-control followed a joint proposal to the min- istry by three of the nation's largest shipbuilders, Hyundai Heavy Indus- tries Co., Daewoo Shipbuilding &

Heavy Industries, and Hanjin Heavy

Industries, urging that Samsung

Heavy Industries' plan to expand its shipbuilding capacity by one million tons be abolished. The nation's com- bined shipbuilding capacity is cur- rently estimated at 4.5 million tons

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Dubai a year. The three companies asse that increased capacity in curre: market conditions will cause a gli and excessive competition amor domestic companies. "An expansion of shipbuildir capacity at a time like this when virtual recovery in the order of shij building is yet in sight will exace bate demand-supply balance," the reportedly asserted in the joint pn posal. The companies fear the cu rent rush of orders to South Korea shipbuilders may prove short-live< brought about by external factoi such as the stiff appreciation of tb

Japanese yen, making Korean ship much cheaper.

Singapore SSE Contracts Foi

Two Building Projects

Singapore Shipbuilding & Engi neering (SSE) has won two contract worth a total of $17.5 million, th marine arm of the government owned Singapore Technologie group reportedly said.

It will design and build two land ing supply craft, and also providi technical services to a para-military organization in the Middle East. Th< vessels are expected to be deliverec in the third quarter of 1994, and the contract is for a total of $9.86 mil lion.

The second contract, valued a1 $7.64 million, involves the desigr. and construction of two small float- ing docks for an undisclosed cus- tomer, SSE added. The docks are slated for delivery by the first quar- ter of 1994. Construction for both projects will take place at SSE's

Benoi Road facility.

Evergreen Orders Five Big

Boxships

Evergreen International SA (Panama), the largest carrier oper- ating within U.S. trades, has placed contracts with two Japanese ship- builders, Mitsubishi Heavy Indus- tries Ltd. and Onomichi Dockyard, for a total of five new R-type con- tainer vessels.

Each will be sisters to the re- cently delivered Ever Royal and Ever

Right, both built by Onomichi. Each will have a capacity of4,229 teu's. A third vessel from the same yard,

Ever Round, is due for delivery in late October and, following a length- ening operation in Singapore, should enter service in early December.

Onomichi will now build two further vessels to this new design and these will be delivered on September 30, 1994 and January 15, 1995. Unlike the earlier Onomichi trio, jumboization of this pair is the re- sponsibility of the shipyard and will have been completed prior to the vessels' delivery to Evergreen.

Mitsubishi is already building two

R-class vessels, the first for delivery in March, the second in June 1994.

Now the shipyard is to build a fur- ther three for delivery in 1995 in

February, May and August. Unlike

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