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STX Shipbuilding Ocean has toughly end the court management procedures, Hyundai Heavy Industries has begun to lay off employees, and Samsung Heavy Industries has issued additional stocks due to insufficient funds... Why is the shipbuilding industry in Korea a shipbuilding power country difficult?
Crisis raids caused "order cliffs" to be hit hard
Although South Korea now uses the term “optimal export product” in the semiconductor industry, it was in the 1990s and the first few years of the 20th century. This name is also the “exclusive term” of the shipbuilding industry.
 In May, 11 years ago (2007), the Korean shipbuilding industry recorded a record high of 4.9 billion US dollars in the month. In the past, the Korean shipbuilding industry once occupied 40% of the global shipbuilding market, and six Korean shipping companies rank among the top ten shipbuilding companies in the world.
 Although China was violently pursued at 33% and Japan with a market share of 25% at the time, it could not be compared with the "building ship powers of the Republic of Korea".
 However, the far-flung situation of the Korean shipbuilding industry came to an abrupt end in 2008. This year, the international financial crisis triggered by the US subprime mortgage crisis began to impact the global export economy, the shipbuilding industry was affected, and the shipbuilding power Korea was naturally not spared. In 2007, South Korea’s new ship orders amounted to 5,252 ships; In the year, it was drastically reduced to 3,381; by 2009, there were fewer, only 1,258.
 In the case of a drastic reduction in demand, the growing number of shipbuilding companies is also a problem that the Korean shipbuilding industry has to face. At the time of the prosperity of the shipbuilding industry in 2005-2006, the new ship orders have not yet had time to concentrate on large shipbuilding enterprises, and the shipbuilding price has soared. Many companies are scrambling to join the “ship-making shipbuilding industry”, Korean and medium-sized countries. Small and medium-sized shipbuilding companies have sprung up.
 However, just at this time, the economy quickly fell into a difficult period, the entire shipbuilding industry situation deteriorated drastically, and the sudden drop in orders opened the Pandora's Box of low-cost competition in the shipbuilding industry. As a result, the cause of the first crisis in the shipbuilding industry was caused by the inconsistent increase in supply and demand during the major cycle of economic decline.
 After the war, the market will rise and then be hit again.
 The sharp decline in demand in the global ship market has caused most shipbuilding companies in South Korea to have to make another living. The shipbuilding industry is a labor-intensive industry. Without orders, it means that tens of thousands of employees can't get wages, and soon there will be an unemployed army. Business pressure and corporate turmoil have prompted Korean shipbuilding companies to quickly turn their attention to the offshore engineering equipment market. .
 In 2008, when the order volume of new ships began to plummet, the world crude oil price soared and fluctuated around $100 per barrel. Oil prices have risen and investors in oilfield development are increasing. As long as the price of crude oil exceeds 50-60 US dollars, the offshore equipment industry is regarded as a “profit-making business”, and both buyers and sellers are constantly increasing investment.
 What is worthy of recognition is that over a period of time, the surge in orders for offshore engineering equipment has offset the impact of the sudden drop in ship orders on Korean shipbuilding companies.
 However, as orders for new ships are affected by global economic and trade demand, orders for offshore engineering equipment are closely linked to oil prices. In 2014, oil prices began to drop sharply, from the highest of $115/barrel to nearly $50/barrel, and companies that ordered a large number of offshore engineering equipment began to cancel orders or demand delayed delivery for a variety of reasons.
 In the design and construction of offshore engineering equipment, Korean shipbuilding companies have mainly built the capacity of marine engineering equipment assembly, and a large number of supporting equipment for offshore engineering equipment needs to be purchased from foreign companies. Offshore engineering equipment is costly, and the cost of ordering a large piece of equipment can cost hundreds of millions of dollars.
 In order to build these offshore equipment, the shipbuilding enterprises have invested huge sums of money. If they are not delivered on time, the burden of labor costs and financing costs of the shipbuilding enterprises will be more and more like snowballing. These losses were faithfully reflected in the books of various shipbuilding companies in Korea in 2015 and 2016.
 South Korea’s shipbuilding industry’s “Big Three” Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding Marine also set a deficit record of mega-KRW in this round of “entrepreneurship”. The demand for offshore equipment continues to decrease. To make matters worse, the oil price has been falling and the Korean shipbuilding industry has been hit harder.
 The end of the depression, over the winter to welcome the spring?
 The severe depression of the shipbuilding industry has had a tremendous impact on the labor relations of shipbuilding enterprises. Hyundai Heavy Industries, Samsung Heavy Industries, and the Geoje and Ulsan areas where Daewoo Shipbuilding Marine is located have been greatly reduced. In Ulsan alone, the number of people insured for employment insurance decreased from 61,000 in 2013 to 38,000 in August 2017. In the same period, the number of employment insurance in the Geoje region fell from 93,000 to 81,000.
 At present, the Great Depression, which has spread since 2008, has signaled an end in all aspects.
 According to a survey conducted by the Clarkson Research Company of the United Kingdom, the global trade volume shows an upward trend. It is expected that the annual volume of ship trade will reach 120 billion US dollars in the next 10 years, which is more than three times the global new ship orders in 2016.
 At the same time, with the disappearance of many small and medium-sized shipbuilding companies, global shipbuilding capacity has decreased by 40% compared to 2012. For the Korean shipbuilding industry that has survived the harsh winter, spring is quietly approaching.