6th, November, 2002

The 11th JEKU Top Executive Meeting, with representatives of the most important shipbuilders from Japan, Korea, Europe, USA and China, was held on the beautiful Jeju Island, Korea. It was agreed to change the name of the meeting to "JECKU" to reflect the participation of the Chinese Delegation.

World newbuilding orders have decreased drastically due to slackening world economy, terrorist activities around the world and worries over war in the Middle East.

The participants found that the global economy is not recovering as early as previously expected and the world shipbuilding industries are facing a difficult situation. Participants have shared concerns about the present shipbuilding market.

While the participants agreed to respect the JEKU 2000/2001 Chairman's Notes, the participants also agreed that a fair and practical new OECD Agreement is of importance to the industry and all expect this Agreement will be achieved through efforts exerted by the participants through their respective governments.