61)Shipbuilding industry leader South Korea suffered a slump in orders
of nearly 40 per cent in the first half of this year although there was a slight
recovery, in the second quarter, the government said on July 31. 62) The
commerce, industry and energy ministry reported the volume of orders fell 31.1
per cent in the second quarter till June. after a 46 per cent fall il! the first
three months. South Korea entered the global shipbuilding industry in 1974.
At present, five of the world’s top ten shipyards are in Korea. 63) Korean
shipbuilders have the world’s most efficient steel producer which can provide
cheaper and better quality of steel products than any other steel producer,
64) Korean shipyards are based in the same area, which is a vital condition
for efficient operations. In addition, new environmental measures will
increase demand for more clean energy like liquefied natural gas (LNG), which in
turn will raise demand for LNG tankers. 65) Steady growth of world trade will
increase the need for larger container ’ships. on which Korean shipbuilders are
strong and competitive.