Shipbuilders search for new growth drivers

Korea undoubtedly is the world’s top shipbuilding nation, with seven local shipyards ranked among the world’s top 10, including the first three spots. The Korean companies, faced with financial crisis touched off by the collapse of Lehman Brothers last fall, are now diversifying their business portfolios, as the global shipbuilding market is expected to remain in a slump. New orders have dropped significantly, vessel prices fell and the country lost its title of the world’s No. 1 shipbuilding nation to China.