As reflected in the country’s share of the global market, tanker owners prefer South Korean shipyards for their ordering, as opposed to Chinese yards, despite the fact that a few months back, it was China which surpassed South Korea as the world's leading shipbuilder, writes Hellenic Shipping News.
In order to reach this position, China adopted an aggressive pricing policy, together with the massive development of green field yards. However, as shipbroker Gibson notes, as many as half of China's shipbuilders are likely to go out of business over the next two to three years.
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