Detail

Korea`s shipbuilding industry, a once-declining industry, is now winning orders and securing the number one spot in the world. In celebration of such feat, Korea Post is issuing the commemorative stamp Ships of Korea featuring four types of commercial carrier, including a crude oil carrier, a container ship, a bulk carrier, and an ice-breaking LNG carrier. Shipbuilding not only comprises the construction of ships for sail, but also non-sailing vessels, such as offshore platforms to extract oil and natural gas beneath the seabed. Vessels are categorized by purpose, such as commercial vessels (i.e. merchant vessels), fishing vessels, special-purpose vessels and warships; among them, merchant vessels are considered crucial, being responsible for most of the global freight volume via sea. As a global single market, there is fierce competition in the merchant vessel market, and countries are locking head to head to secure their competitive edge. Korea`s shipbuilding industry began to boom in the 1970s, growing rapidly based on the Korean people`s determination and spirit of challenge. Its first step in the global market began in 1969 when Korea produced its very first ship for export. Then massive shipyards were consecutively constructed and the industry was cultivated through public-private partnerships. The shipbuilding industry has been the backbone of Korea`s national economy in the 1990s during the financial crisis, and by turning this crisis into opportunity, Korea`s shipbuilding industry increased its technological competitiveness. Finally, Korea ranked top as a major shipbuilding country, surpassing Japan in volume of orders, remaining orders and production in the 2000s. In particular, Korea reached a historic feat of the most commercial vessel orders at 32.7 million compensated gross tonnage (CGT) in 2007, further driving rapid growth. Then the 2008 global financial crisis dampened the global economy, and as a result, Korea`s volume of orders shrunk by 90% year-on-year, which drove a long-term recession in the shipbuilding industry. In 2016, the industry experienced the worst `order cliff` and the worst volume of orders since the 2000s, entering a phase of deep recession. However, Korea`s shipbuilding industry began to raise hopes. It began to takeoff by focusing on high-added values, such as LNG carriers. As of 2018, Korea`s shipbuilding industry achieved 38% of the global order shares, ranking top once again in the global market in seven years. China was having a good hold on the global shipbuilding industry since 2012, but Korea upended this trend. Stricter environment pollution regulations triggered increased demands in eco-friendly vessels equipped with emissions reduction systems. Korea`s shipbuilding industry is expected to grow with its capability in eco-friendly vessel production technology. This issue features four designs of vessels: a crude oil carrier transporting crude oil from an oil export terminal to a refinery in an import terminal; a container ship carrying standardized freight loaded containers; a bulk carrier that loads and transports unpackaged cargo including grains, ores and coal; and an ice-breaking LNG carrier transporting –162ºC liquefied natural gas. We hope these commemorative stamps serve as an opportunity to feel proud of Korea`s globally recognized shipbuilding technology.