South Korean shipbuilders account for 55% of global ship orders in July

Business Thursday 11/August/2022 15:54 PM
South Korean shipbuilders account for 55% of global ship orders in July

Seoul: South Korean shipbuilders won 55 per cent of global ship orders in July, maintaining their solid top position.

According to the Trade Ministry on Wednesday, global ship orders in July were a total of 2.11 million CGT (USD 5.3 billion). Korean shipbuilders accounted for 55 per cent of global shipbuilding order volume and 57 per cent of order amount. A total of 72 ships were ordered in July, including 17 container ships, 16 tankers, 12 LNG carriers, 11 bulk carriers and 16 others. The proportion of large vessels and high-value-added ships powered by LNG was particularly high.

High value-added ships accounted for 49 per cent and eco-friendly ships accounted for 60 per cent of the total orders.

Korean shipbuilders won a total of 19 ships worth 1.16 million CGT (USD 3 billion) in July.

By ship type, Korean shipbuilders won 12 LNG carriers, 3 container ships (1,800 TEUs), 3 tankers, and 1 cargo ship in July.

It was found that Korean shipbuilders won all global LNG carrier orders and 81per cent of eco-friendly ship orders.

Not only large shipbuilders but also medium-sized shipbuilders won a large number of orders. Until July, orders won by large shipbuilders were valued at USD 30.52 billion, 87 per cent of this year's order target. This is an increase of 2.2 per cent from a year ago.

Mid-sized shipbuilders won orders worth USD 2.465 billion for 31 small container ships and tankers worth USD 2.465 billion in July, up 33 per cent from USD 1.85 billion a year ago.

Korea's order backlog was 35.86 million CGT, up 26 per cent from 28.5 million CGT in July last year. It was significantly higher than the growth rate of the global order backlog of 9.2 per cent (92.72 million CGT - 112.26 million CGT).

In July, China's order backlog increased by 12 per cent, while Japan decreased by 13 per cent.

Since hitting the lowest of 125.06 in November 2020, the Newbuilding Price Index has continued to increase, marking 161.57 in July. It is the highest level in 13 years and 6 months since January 2009.

The index shows the average shipbuilding price compared to the reference of January 1988 (100).

In particular, the average shipbuilding price of large LNG carriers is USD 236 million, hitting a record high.