The global shipbuilding market has shrank gradually since 2007, when the shipbuilding business index (SBI) touched 103.21 points.
The Bank of Korea report projected the SBI to rise to 98.87 points and 98.89 points in the first and second quarters of 2014, respectively, after hitting 98.85 points – the lowest in the past several years – in the last three months of 2013.
“It will take some time for the global shipbuilding market to begin rebounding, as the global shipping volume will not likely increase for the time being due to the slowing global economic recovery caused by the eurozone debt crisis,” said Gong Chol, an official at the bank.
Korean shipbuilders won 93.4m compensated gross tonnes (cgt) in 2007, and the figure plunged to 54.2m cgt in 2008 and 16.4m cgt in 2009, before rebounding to 44.4m cgt in 2010 and it dipped again to 31.7m cgt in 2011.
The number of Korean shipbuilding companies has gradually decreased to 75, 76, and 65 in 2007, 2008 and 2009, respectively.
In the first quarter of this year, Korea remains the world's largest shipbuilding market by winning orders for 60 ships worth $7.9bn, or half of worldwide orders.