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S. Korea keeps top spot in shipbuilding orders for 2nd year

All News 18:15 January 06, 2020

SEOUL, Jan. 6 (Yonhap) -- South Korea retained the top spot in global shipbuilding orders for the second consecutive year in 2019, data showed Monday, on the back of rising demand for liquefied natural gas carriers and very large crude carriers (VLCCs).

The country's shipbuilders secured 37 percent of the orders placed worldwide by winning a combined 9.43 million compensated gross tons (CGTs), according to data from the Ministry of Trade, Industry and Energy, which cited a report by Clarkson Research Services Ltd.

Asia's No. 4 economy outpaced China and Japan, which posted 8.55 million CGTs and 3.28 million CGTs, respectively. Italy stood in fourth place at 1.14 million CGTs.

"South Korea was able to maintain its top spot despite the prolonged trade war between the United States and China on the back of its competitiveness in the field for LNG carriers and very large crude carriers," an official from the ministry said.

By segment, South Korea won 48 of the 51 orders placed for LNG carriers, and 18 of the 31 orders placed for VLCCs.

The ministry said it will continue to expand support for the development of self-driving and eco-friendly vessels to maintain the nation's competitiveness down the road.

S. Korea keeps top spot in shipbuilding orders for 2nd year - 1


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