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Korean shipbuilders’ orders +198% in 2017

Seoul - The amount of new orders received by South Korean shipyards stood at 6.45 compensated gross tonnage (CGT) last year, up 198.6% from a year ago. South Korea made the biggest growth against China and Japan

Seoul - The amount of new orders received by South Korean shipyards stood at 6.45 compensated gross tonnage (CGT) last year, up 198.6% from a year ago. South Korea made the biggest growth against China and Japan. The country took second place in terms of amount of order backlog after China, falling short of 274 CGT. South Korea also came in second in terms of orderbook value by a head, remaining at the same levels thanks to its high value added vessel contracts. According to British shipbuilding and marine industry tracker Clarkson Research Services on January 9, the amount of global-wide orders came to 23.22 million CGT last year. The figure surged 78.3% from 13.02 million CGT a year earlier. The shipbuilding market showed a recovery trend for the first time in a year.

By country, China ranked first with 9.19 million CGT, or 426 vessels, of new orders, followed by South Korea with 6.45 CGT, or 176 vessels, and Japan with 1.99 million CGT, or 98 vessels. South Korea showed the biggest growth in terms of amount of new orders at 198.6% last year against the 86% gain of China and 13.7% of Japan. In particular, South Korea and China showed a big gap in terms of amount of orders but not in terms of orderbook value.

South Korea, which mostly makes value-added vessels, nearly matched China in orderbook value with US$15.3 billion (16.37 trillion won) versus the latter’s US$15.5 billion (16.59 trillion won).

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