With the improvement of the global shipbuilding market, new orders have reached the highest level since 2008 and orders for Techcross’ ballast water management system are soaring. In particular the company reports a strong performance in the domestic shipbuilding market.
Shipbuilding in Korea is dominated by the big three of Hyundai Heavy Industries Group, DSME and Samsung Heavy Industries but there are also mid-sized shipyards such as STX, Daehan Shipbuilding and Dae Sun Shipbuilding & Engineering.
According to Clarksons Research, about 43% of orders in the first half of this were placed with Korean shipyards, after 45% in China. In other words, securing orders at domestic shipyards is directly linked to securing global orders. Under these circumstances, Techcross secured orders at all of the domestic Big 3 shipyards and three medium-sized shipyards, becoming the only manufacturer of ballast water management system in the world to deal with six Korean shipyards.
Techcross puts its success down to product performance and various installation performances, as well as the ability to meet the delivery schedule. As production capacity and installation schedule are becoming an important issue due to the surge in orders for ballast water management systems, Techcross believes that its facility in Busan, capable of producing more than 3,300 units per year, is a big advantage for domestic shipyards.
Sales have been particularly strong in the high value and large vessel sectors and in August won orders for tanker and LNG Carrier projects including VLCCs in domestic shipyards. Techcross said it expects to achieve a record-breaking performance this year, exceeding the previous year’s sales of 230 billion won.