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Ship Orders in 1H Grow by 60%

According to a report on trends in the shipbuilding industry in the first half of this year released by the Ministry of Trade, Industry and Energy and the Korea Offshore & Shipbuilding Association, the number of orders that Korean shipbuilders won in the first half of this year increased by 60.4 percent year-on-year at 5.99 million compensated gross tonnage (CGT), accounting for 36 percent of global ship orders.

The amount of orders that Korean shipbuilders won in the first half of this year rose by 22.8 percent year-on-year at USD 18.39 billion from last year’s USD 15.05 billion. This performance is seen as strong considering difficulties in the corporate environment, including a low yen.

China, a competitor to Korea, received orders of 6.57 million CGT in the first half of this year. China’s number of orders exceeded that of Korea, but the order amount stood at USD 10.49 billion, which is relatively lower than that of Korea.

Korean shipbuilders showed high competitiveness in the production of oil tankers, large container ships (over 9,000 tons), liquefied gas (LNG) carriers and offshore plants.

Korean ship manufacturers won 85 oil tankers and 26 large container ships out of 85 and 43 global orders, respectively. They also received 12 orders for LNG carriers out of 21, winning more than half of the total global orders.

The number of global ship orders increased by 39.5 percent year-on-year at 16.66 million CGT from last year’s 11.94 million CGT. This shows the global shipbuilding industry is recovering.

The number of ships built stood at 19.73 million CGT, a 33.6 percent decrease year-on-year from last year’s 29.71 million CGT. Korea manufactured 6.92 million CGT (35 percent), showing the highest market share.

Source Text

Source: Newsis (July 10, 2013)

** This article was translated from the Korean.

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