Shipbuilding rivalry set to intensify in Northeast Asia

Competition is intensifying among shipbuilders in Korea, China and Japan as each country vies for dominance in the global market. As the governments of China and Japan are trying to make their shipbuilders bigger through domestic mergers and acquisitions, Korean companies are turning their attention overseas, forging partnerships with foreign firms and acquiring shipyards abroad. Earlier this month, Chinese news outlets reported that the country’s state-owned China State Shipbuilding Corp. (CSSC) received approval to merge two of its subsidiaries. Known as the world’s largest shipbuilder, CSSC has pursued the merger in line with the Chinese government’s strategy to restructure its shipbuilding sector. Once the merger is completed, China will have the world’s largest listed shipbuilder by asset size, operating profit and sales volume. Japan is also stepping up efforts to revitalize its shipbuilding industry, which has lost ground to competitors in Korea and China. Imabari Shipbuilding, Japan’s largest shipbuilder, announced last month that it will acquire an additional 30 percentWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times