South Korean Ship Builders Back on Top
David Lee, July 4, 2017, 12:35 p.m.
Korean shipbuilders topped the global market in the first half of this year. Clarkson Research Services of the U.K. said Monday that Korean shipbuilders' orders totaled 2.56 million compensated gross tons in the first six months, more than double the amount in the same period of last year. Korea accounted for 34 percent of total global orders, beating China and Japan to the top spot for the first time since the country was edged out by China in 2012.
Hyundai Heavy Industries won 72 vessel orders worth US$4.2 billion, a four-fold increase on-year from 13 ships worth $1 billion. Samsung Heavy Industries booked $4.8 billion worth of orders for 13 ships, the bulk of it from $3.77 billion worth of orders for two offshore plants. Daewoo Shipbuilding and Marine Engineering, currently teetering on the brink of bankruptcy, won seven ship orders worth $770 million.
The performance was driven by demand for large oil tankers and liquefied natural gas carriers. Of 72 ship orders taken by Hyundai Heavy, 60 were oil tankers, giving it half of all global orders for very large crude carriers of more than 300,000 deadweight tons. Samsung Heavy and Daewoo won eight and five VLCC orders. They secured 10 of 12 orders placed for LNG carriers globally.