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S. Korea retains top spot in shipbuilding orders for 4th straight month in Aug.

Industry 17:27 September 08, 2019

SEOUL, Sept. 8 (Yonhap) -- South Korea retained the top spot in global shipbuilding orders for the fourth straight month last month, government data showed Sunday.

In August, local shipyards won orders totaling 735,000 compensated gross tons (CGTs), accounting more than 70 percent of orders placed worldwide, according to data from the Ministry of Trade, Industry and Energy, easily surpassing its rivals China and Japan.

In the first eight months of the year, South Korean shipyards logged orders worth 4.64 million CGTs. The figure accounts for 34.9 percent of total global orders placed during the cited period but falls short of 5.02 million CGTs worth of orders clinched by Chinese shipbuilders.

However, South Korea was ahead of China in terms of the value of the orders. The trade ministry said South Korean shipyards logged orders worth US$11.3 billion in the January-August period, $370 million more than China.

The ministry said South Korean shipbuilders' competitive edge in building high-value ships, such as liquefied natural gas (LNG) carriers and very large crude carriers (VLCC), is leading the good performance.

South Korea won 24 of the 27 orders placed for LNG carriers, and 10 of the 17 orders placed for VLCCs in the January-August period, the ministry said.

The volume of ships built by South Korean shipyards in the first eight months came to the 6.76 million CGTs, up 14 percent from the same period one year earlier.

This file photo, taken on Feb. 12, 2019, shows Daewoo Shipbuilding & Marine Engineering Co.'s Okpo shipyard in Geoje, South Gyeongsang Province. (Yonhap)


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