Sunday, February 5, 2023
spot_img
HomeHeadlinesKorean shipyards command 37% of global orders in 2021, best in 8...

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Korean shipyards command 37% of global orders in 2021, best in 8 years

South Korean shipyards had their best year in eight years in 2021 by commanding 37 percent of worldwide vessel orders by volume or 43 percent by value thanks to increased orders for large container carriers and LNG carriers.

According to the Ministry of Trade, Industry and Energy on Wednesday, Korean shipbuilders dominated a combined 17.44 million compensated gross tannages (CGTs) in new orders last year, the biggest in eight years.

The volume jumped 112 percent from a year ago and 82 percent from two years earlier before the virus outbreak.

Korean shipbuilders bagged 37 percent of the total orders in 46.96 million CGTs placed in the world last year. The ratio by value amounts to 43 percent.

By vessel type, Korean shipyards commanded 65 percent of global orders for high value-added vessels like VLCCs and LNG carriers, and 64 percent of orders for eco-friendly vessels like ships fueled with LNG or LPG.

Korea’s big three shipbuilders overachieved their annual targets – Korea Shipbuilding & Offshore Engineering Co. by 53 percent, Samsung Heavy Industries Co. by 34 percent, and Daewoo Shipbuilding & Marine Engineering Co. by 40 percent.

Outlook for this year also is bright on expectations for a rise in orders for LNG carriers. The three shipbuilding majors signed a capacity reservation pact with Qatar Petroleum in June 2020, which allows the state-owned petro company of Qatar to reserve construction capacity in Korean dockyards for more than 100 LNG ships through 2027.

Demand for eco-friendly vessels is rising as well amid stricter environmental regulations by the International Maritime Organization (IMO). Orders for LPG- and LNG-fueled ships are expected to increase with demand for replacement of aged ships on top of strengthening in ship prices.

Source: Pulse

Related Posts

Video

Finance & Economy
Shipping News
Ports

Keppel Corp posts 9% drop in full-year profit

Singapore’s Keppel Corp said on Thursday its net profit for the year fell 9%, partly hurt by weak performance from its urban development business...

Stolt-Nielsen sees Q4 profits rise on strong markets

Stolt-Nielsen Limited reported unaudited results for the fourth quarter and full year 2022. The Company reported a fourth-quarter net profit of $95.3 million, with revenue...

Euronav delivers better-than-expected Q4 revenue

Euronav NV reported its non-audited financial results for the fourth quarter ended 31 December 2022. Hugo De Stoop, CEO of Euronav said: “Constrained vessel supply...

Wartsila: A challenging year with strong annual growth

HIGHLIGHTS FROM OCTOBER–DECEMBER 2022 Order intake decreased by 24% to EUR 1,638 million (2,150)Service order intake increased by 6% to EUR 791 million (747)Net sales...

Hapag-Lloyd achieves extraordinarily strong result in its anniversary year 2022

On the basis of preliminary and unaudited figures, Hapag-Lloyd has concluded the 2022 financial year – in which it celebrated its 175th anniversary –...

Baltic index hits over 2-year trough on waning demand for larger vessels

The Baltic Exchange’s dry bulk sea freight index dropped to its lowest level in...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury...

Baltic index falls to over 2-year low as larger vessel rates slide

The Baltic Exchange’s dry bulk sea freight index fell to its lowest since June...

Baltic index logs worst month in 3 years

The Baltic Exchange’s main sea freight index registered its biggest monthly percentage fall in...

Baltic index snaps 9-day losing streak as panamax, supramax rates rise

The Baltic Exchange’s main sea freight index snapped its nine-session losing streak on Tuesday,...

DP World wins bid for development of a mega-container terminal at India’s Deendayal Port

DP World has won a major concession to develop, operate and maintain the mega-container terminal at Deendayal port in Gujarat, on the western coast...

Luxury Cruise Market Holds Much Promise For Greek & East Med Hidden Gem Destinations

The appeal of Greece and the East Mediterranean as an ideal region for luxury cruising will be one of the main highlights of the...

Port of Los Angeles proposes cruise terminal project

The Port of Los Angeles is inviting comments on a draft Request for Proposals (RFP) for the future development of a new Outer Harbor...

Port of Long Beach Closes 2022 with Second-Busiest Year

The Port of Long Beach marked its second-busiest year on record by moving 9.13 million twenty-foot equivalent units in 2022, allowing for a return...

Hapag-Lloyd AG acquires share in J M Baxi Ports & Logistics Limited

Hapag-Lloyd AG signed a binding agreement today under which it will acquire 35% of J M Baxi Ports & Logistics Limited (JMBPL) from a...