South Korean Shipbuilders Reign Supreme in New Orders

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South Korean shipbuilders remained on top of the global shipbuilding orders list for the fourth straight month as local yards clinched 70 percent of orders placed worldwide in August.

According to data published by the South Korean Ministry of Trade, Industry and Energy, the country’s shipbuilders received orders totaling 735,000 compensated gross tons (CGTs) in the past month.

When it comes to the first eight months of the year, China is ahead of South Korea in terms of total CGT, having secured 5.02 million CGT of orders, compared to 4.64 million CGT secured by South Korea. However, South Korea remained in front of China in terms of the value of the orders.

According to the Ministry, the value of the orders in the eight-month period was USD 11.3 billion, compared to the USD 10.9 billion secured by China.

Worth noting is the fact that 24 of the 27 LNG carriers ordered from January to August will be built in South Korea.

“While global orders were weaker than expected due to the global economic downturn and prolonged trade disputes between the US and China, we were ranked first in the world based on the overwhelming competitiveness of high value-added ships such as LNG carriers and VLCCs,” the Ministry said.