Seoul has earmarked an extra $544m in state support for the Korean shipbuilding sector through to 2028.
The money will be spent helping develop alternatively fuelled vessels, on digitalisation and reinforcing the shipbuilding workforce.
Korean shipyards are sitting on record orderbooks, with delivery slots taken through to mid-2027. However, production schedules have been slipping this year with many yards expressing concern about the lack of qualified personnel leading to Seoul urgently easing immigration rules to allow workers from Asia to enter the country.
According to a new report from Danish Ship Finance, yard utilisation in South Korea averaged 53% in 2022 and is expected to increase to 78% in 2023 and 107% in 2024.
