South Korean shipbuilders ranked first globally in total new orders during February, surpassing their Chinese rivals. Namely, local shipyards won new orders amounting 630,000 compensated gross tons in February to build eight vessels. Chinese shipbuilders ranked second with 20,000 CGTs to build one vessel. Japan was third with 10,000 CGTs for one ship.
South Korean shipbuilders ranked second globally in total new orders for January, surpassed by China. According to the Clarkson Research Institute, South Korean shipyards were awarded new orders with an overall worth of 580,000 compensated gross tons, in order to build 12 ships. Japan came third with 13.69 million CGTs.
Japanese engineering company Mitsubishi Heavy Industries, Ltd. (MHI) announced the appointment of Seiji Izumisawa as new President and CEO, effective from 1st April 2019, and as a Chief Strategy Officer (CSO), a role he holds currently.
Japan has requested WTO dispute consultations with South Korea concerning alleged subsidies provided by the Korean government to its shipbuilding industry. Japan claims that the challenged measures, which include funds, loans, guarantees, insurance and other financing, are inconsistent with WTO’s SCM Agreement and the General Agreement on Tariffs and Trade (GATT) 1994.
In a bid to deal with significant labor shortages, Japan has unveiled plans to expand its immigration bureau for accepting arrivals of more foreign workers, including unskilled laborers, to several fields including shipbuilding. In 2014, Japanese shipyards reported production delays, claiming workforce shortage.
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