Korean shipbuilders account for half of global orders in July

By Shin Ji-hye
  • Published : Aug 14, 2018 - 14:29
  • Updated : Aug 14, 2018 - 14:29

The Korean shipbuilding industry accounted for nearly half of global shipbuilding orders, winning 22 vessels in July, according to shipbuilding industry analyzer Clarkson Research on Tuesday. 

Hyundai Heavy Industries

According to the research firm, Korean shipbuilders recorded orders equal to 970,000 compensated gross tons last month, accounting for 48 percent of a total of 2.01 million CGTs in the global shipbuilding market.

The Korean firms, including Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering, won 22 vessels for container ships, liquefied natural gas tankers and very large crude carriers out of a total of 52 vessels globally.

China came in second with 280,000 CGTs (15 vessels), followed by Japan recording 120,000 CGTs (six vessels).

In July, the global order backlog increased by 38 percent to 2.01 million CGTs from the previous month, according to Clarkson Research.

A spokesperson of Samsung Heavy Industries said expectations of a recovery in the global shipbuilding market has been growing in recent months.

“Still, we are keeping an eye on moves related to protectionism as trade barriers may reduce cargo volumes and, consequently, shipbuilding orders,” he added.

Korea retook the lead from China during the first half of this year in three years. During the January to July period, the Korean shipbuilders recorded 4.96 million CGTs, beating their Chinese rivals, which recorded 4.39 million CGTs.

By Shin Ji-hye (