Seoul - Korean shipbuilders are reportedly outrun by Chinese rivals in a race to win a 1.35-trillion-won order for six 23,000-TEU super-large container carriers from German shipping company Hapag-Lloyd.
Chinese shipbuilders beat technologically superior Korean competitors with advanced technology on the back of the Chinese government's policy financing. China's Hudong-Zhonghua and Jiangnan are likely to win the order, according to TradeWinds, the world's biggest shipping news service: "Hapag-Lloyd intends to place an order with a Chinese shipyard to receive shipping financing from the Chinese government," an industry insider said.
Since 2007, Korea has fallen to second place after China in terms of shipbuilding order backlogs, but it has maintained an edge over China in terms of shipbuilding technology.(READ MORE)