South Korean Shipbuilders Increasing R&D Investment
The three major South Korean shipbuilders’ R&D investment topped 100 billion won in the first half of this year. They increased the investment while being in the red. This is because they tried to stay ahead of Chinese competitors by further developing their technologies.
The three companies’ R&D spending was 103.157 billion won in the first half, up 22.4 percent from a year ago. In Korea Shipbuilding & Offshore Engineering, the R&D spending-to-sales ratio rose from 0.4 percent to 0.5 percent. That of Samsung Heavy Industries rose from 0.7 percent to 1 percent. Daewoo Shipbuilding & Marine Engineering maintained 1.3 percent. In the first half, their combined operating loss was over 1.5 trillion won.
In the meantime, Minister of Trade, Industry and Energy Lee Chang-yang met with the CEOs of the three on Aug. 19 and remarked that the government would assist in their R&D in the fields including low- and zero-carbon vessels and autonomous ships.
The CEOs said that their companies would increase investment in ammonia-powered ships, carbon capture technology and smart shipyards.
Image Courtesy: An LNG-powered ship built by Korea Shipbuilding & Offshore Engineering
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