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International Shipping
South Korean shipbuilders brace for fight after China mergers
Date:2019-08-09 Readers:

KOREA's shipbuilders are bracing for a new era of fiercer competition from China after the two biggest Beijing-backed shipbuilding groups announced plans to merge, reported London's Financial Times. 

The consolidation of China State Shipbuilding Corp and China Shipbuilding Industry Corp, agreed last month, will create a behemoth to rival Hyundai Heavy Industries, the world's biggest shipbuilder by orders.

Hyundai Heavy Industries CEO Ka Sam-hyun said that the new Chinese group would be a more competitive rival, with "synergies" that will drive better technological development and lower costs. 

"We must be better than the Chinese yards in [engineering] techniques and quality. We must try to raise and improve our quality, our technology and better workmanship," he said.

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