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KOREA REPORT - MAY, 2021.
TOPICS.
SKorea
announced on 26th that people who have received first dose of COVID-19 vaccine
will no longer be required to wear masks outdoors
starting July. The government has completed inoculation of 1.9 mil people, or
3.8% of country's 52 mil population. People
who have been fully vaccinated against coronavirus in SKorea are exempted
from mandatory 14-day isolation starting 5th when arriving here. They will
still need to receive COVID-19 tests and have no related symptoms to be
exempted from mandatory self-isolation.
Moody’s
kept the credit rating of SKorea at Aa2,
affirming outlook at stable, according to Ministry of Economy and Finance on
12th. It cited the nation’s strong economic fundamentals, and quick economic
recovery from the coronavirus pandemic as some of the reasons for the rating.
The Aa2 grade is second highest among Asian nations after Singapore, which was
given an Aaa score.
Korea's ‘Big 3’ shipbuilders,
KSOE, SHI and DSME have secured sizable amount of work, showing a rebound
trend. On a first quarter of 2021 basis, the big 3’s orderbook reached figure
worth KW52.604 tril. Their current orderbook can keep yards employed for over
two years. As of end 2020, value of three Korean shipbuilding giants’
orderbook was KW42.416 tril. It means that a 24% increase was seen during three
months. As for KSOE, its backlog was worth KW25.3 tril, up by 16.2% compared to
KW21.763 tril seen at the end of 2020. SHI secured vessels worth KW16.219 tril
in its orderbook as of end of first quarter, representing a 35% upturn from
KW12.012 tril posted in late 2020. DSME’s backlog is valued at KW11.085
tril, showing a 28.3% growth against KW8.64 tril recorded in late 2020. Also,
it is reportedly first time that Korean big 3 shipbuilders’s order cover has
exceeded two years since first quarter of 2016.
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ATTACHMENT: Korea Report - May 2021 (PDF FILE)
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