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When did S. Korea become so good at building ships? September 12, 2015

Posted by hslu in Economics, Taiwan.
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Look at this picture from the Offshore Magazine. In the foreground of the picture is a single-lift ship being built at Korean’s Daewoo Shipbuilding yard in Korea.

Pieter Schelte

Pieter Schelte

The ship belongs to Allseas company which is headquartered in Châtel-Saint-Denis of Switzerland. The name of the ship is Pieter Schelte and here is some information about this strange-looking ship:

Dimensions:                                 1,253 ft long and 407 ft wide.

Topsides lift capacity:                  52,911 ton

Wave height limit:                         9-9.8 ft

Cost:                                            €2.4 billion

Delivery:                                      End of 2014

Installed power:                           95 MW

What is it good for:                      Install/remove offshore platforms’ topsides

Builder:                                        Daewoo Shipbuilding, S. Korea

Crew:                                           ~570

Have you noticed that there are up to 10 vessels being built at the same time at this site. Please note that Daewoo isn’t the largest shipbuilder in South Korea. Hyundai is almost twice as large as Daewoo.

However, due to a slowdown in shipbuilding business and low oil prices, shipbuilders have been taken a hit on their stock prices. Daewoo has suffered a heart wrenching 85% drop in its stock price over the last five years.

Stock price chart of the Daewoo Shipbuilding & Marine Engineering, South Korea

Stock price chart of the Daewoo Shipbuilding & Marine Engineering, South Korea

Ouch, that really hurts.

Here is a picture of Pieter Schelte in action.

Pieter Schelte

Pieter Schelte

Where is Taiwan’s shipbuilder? Here is its chart: 74% drop in stock price over the past 5 or 6 years。

台灣國際造船股份有限公司股票

台灣國際造船股份有限公司股票

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