South Korea’s ship export grew in double digits in the first half of this year (H1) due to rising demand for high-priced and eco-friendly vessels, the industry ministry said Tuesday.
Ship export gained 11.9 percent from a year earlier to 9.22 billion U.S. dollars in the January-June period, according to the Ministry of Trade, Industry and Energy.
New vessel orders, won by local shipbuilders, totaled 5.16 million compensated gross tonnage (CGT) in the first half, accounting for 29 percent of the total orders placed worldwide.
Local shipbuilders secured 61 percent of the global total orders for high-priced vessels and 50 percent of the global orders for eco-friendly ships in the first half.
Domestic shipbuilders dominated the liquefied natural gas (LNG) carrier market by booking 87 percent of the global total orders in the six-month period.
The country’s outstanding ship orders stood at 38.8 million CGT in the first half, marking the highest in 12 years.