South Korean media: South Korea's shipbuilding order share fell below 10% in June, hitting the lowest level this year!
On August 3, South Korean media outlet Korea Economic Daily published an article stating that in June, South Korean shipbuilders accounted for less than 10% of global ship orders. This is mainly due to Chinese shipbuilding companies actively securing high-value-added vessel contracts, which are primarily sourced from the domestic market.
Data from Clarksons Research, a UK-based maritime market analysis firm specializing in shipbuilding and shipping, shows that South Korea’s total ship orders in June amounted to 500,000 CGT across 13 vessels, representing 9% of the global total (5.25 million CGT). Both order volume and market share reached their lowest levels so far this year, with South Korea’s market share dipping below 10% for the first time and marking the lowest figure in June in nearly five years.
In June, China secured 4.45 million CGT (171 vessels) in orders, accounting for 85% of global shipbuilding orders. The gap between China and South Korea’s market shares widened significantly to 76 percentage points, up from 12 percentage points in May. In terms of total order volume, China saw a 43% increase compared to the same period last year (3.11 million CGT).
Analysts believe the widening gap between China and South Korea stems from China’s shift from traditionally focusing on general-purpose vessels such as container ships and bulk carriers to rapidly developing capabilities in high-value-added vessels. According to reports, the number of Chinese shipyards capable of independently building large LNG carriers has increased to five. In June, Jiangnan Shipyard in China won four LNG carrier orders from COSCO Shipping, with a total value of 6.45 billion RMB.
China is rapidly enhancing its technical capabilities in LNG transport vessels. Recently, Hudong-Zhonghua Shipbuilding, a subsidiary of China State Shipbuilding Corporation, delivered two 174,000-cubic-meter LNG carriers. It is reported that Hudong-Zhonghua will soon begin construction on a 271,000-cubic-meter LNG carrier, which, upon completion, will become the world’s largest LNG transport vessel.
A maritime industry insider stated: “From the beginning of the year through last month, Chinese shipbuilding firms have received massive orders—shipyards may already be at full capacity. We need to further monitor future trends.”
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Original source: toutiao.com/article/1872469636092935/
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