S. Korean shipbuilders rank 2nd in new global orders in 2023: data

Sinseondae Pier at Busan Port Terminal in Nam-gu, Busan, bustles with activity on Dec. 1. (Yonhap)

South Korean shipbuilders ranked second in 2023 in terms of new global orders for the third straight year, industry data showed Sunday.

Local shipbuilders clinched a combined 10.01 million compensated gross tons (CGTs) in new orders this year, accounting for 24 percent of the 41.49 million global total, according to the data provided by global market researcher Clarkson Research Service.

The South Korean industry's total was down 37.6 percent from a year earlier. The global tally also went down 18.7 percent from 2022.

Chinese shipyards far outpaced South Korean players in 2023, bagging 24.46 million CGTs in new orders, or 59 percent of the world total.

South Korea previously retained the world's No. 1 spot in new shipbuilding orders for three straight years before falling behind China since 2021.

However, South Korean shipyards far outperformed Chinese rivals in terms of orders for high-end liquefied natural gas (LNG) carriers this year.

Local shipbuilders obtained 4.41 million CGTs worth of LNG carrier orders this year, taking up 80 percent of the 5.54 million global total, while Chinese shipyards took the remaining 20 percent, or 1.13 million CGTs worth of orders.

South Korea's percentage was up from 70 percent in 2022, while China's proportion went down from 30 percent last year.