S. Korea returns to top in ship orders by sweeping nearly half of global orders H1

[Photo by Yonhap]

South Korean shipyards grabbed 45.5 percent of global orders during the first half, returning to the top in the order book for the first time in four years.

According to the Ministry of Trade, Industry and Energy on Wednesday, Korean shipbuilders won 9.7 million CGT of 21.53 million total CGT global orders, the largest in terms of vessel orders during the first half of the year. Korean names commanded 60 percent of orders in gas tankers and carriers. They also dominated the first four ranks in backlog.

China fell to second place by obtaining 43.4 percent, or 9.35 million CGT in global orders.

By ship, Korea won 62 percent, or 6.92 million CGT of total orders placed in global high-value added vessels - 71 percent, or 5.44 million CGT of global LNG carrier orders and 43 percent, or 1.48 million CGT of global container orders thanks to the surge in LNG demand from Russia¡¯s invasion of Ukraine and Qatar¡¯s large-scale LNG carrier contracts with Korean shipbuilders.

Korea netted 58 percent or 7.98 million CGT of global eco-friendly ship orders.

By June, the order backlog of domestic shipbuilders amounted to 35.08 million CGT, up 28 percent on year.

All top four shipyards for global vessel orders were Korean shipbuilders: Samsung Heavy Industries came in first followed by Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Hyundai Samho Heavy Industries.

The ministry expects the order winning streak to continue for some time due to demand for eco-friendly ships under the International Maritime Organization (IMO)¡¯s environmental regulations.

[¨Ï Maeil Business Newspaper & mk.co.kr, All rights reserved]