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Korea maintains No.1 Shipyard position in July 2022-08-11

The Ministry of Trade, Industry and Energy (MOTIE) announced on August 10 that South Korea maintained its dominant position in global shipbuilding (following 1st place for first half of 2022), winning 55 percent (19 vessels amounting to 1.16 million CGT) of world’s total orders in July.

In July, bid orders for a total of 72 vessels amounting to 2.11 million CGT ($5.3 billion) were opened in the July global market. The types of vessels consisted of 17 container ships (small-to-medium), 16 tankers, 12 LNG carriers (large-scale), 11 bulk carriers and 16 others, with a majority of them being high value-added (49 percent) or eco-friendly (60 percent), which are both Korea’s specialty areas.

Korea won orders for 12 LNG carriers, 3 container ships, 3 tankers and 1 mixed passenger and cargo ship.

Particularly notable is the fact that Korea won 100 percent and 81 percent of the global orders for LNG carriers and eco-friendly ships out in the market, respectively. Following Korea’s lead, China won 17 percent of eco-friendly vessels.

Large shipbuilders’ bid wins reached 30.5 billion in January-July, which amount to 87 percent of their annual goal of $35.1 billion and outperform last year’s bid wins of $29.9 billion by 2.2 percent over the same period.

Mid-sized builders’ January-July bid wins amount to $2.5 billion (31 vessels), surpassing last year’s performance of $1.9 billion by 33 percent year-on-year.

In step with the International Maritime Organization (IMO)’s environmental regulations and surging demand for LNG carriers amid the Russia-Ukraine war, bid market demand for second half of 2022 is forecast to again be in favor of eco-friendly vessels and LNG carriers, projecting smooth sailing for the domestic shipyard.