South Korean shipbuilders are outperforming Chinese shipbuilders in the global green ship market, with the International Maritime Organization (IMO) about to strengthen its carbon emission regulations.
According to Clarkson Research Services Limited, Chinese and South Korean shipbuilders won 8.92 million CGT and 8.32 million CGT of ships for the first five months of this year, respectively. Although the former surpassed the latter by a margin of 3 percentage points, the story is completely different in the green ship segment. In that period, South Korean shipbuilders won 46 percent and 75 percent of orders for LNG- and LPG-powered vessels, respectively.
Korea Shipbuilding & Offshore Engineering announced on June 21 that it signed contracts with five foreign shipping companies to supply 10 green ships for 1,093.6 billion won. In addition, Daewoo Shipbuilding & Marine Engineering announced the same day that it concluded a 1,122.5 billion won contract with a European ship owner to supply six very large container carriers to use LNG as their fuel. Daewoo Shipbuilding & Marine Engineering has won 33 shipbuilding orders this year and dual-fuel ship orders constitute 85 percent of the orders.
Source: Business Korea