South Korea Secures Top Spot In The World, In 2022, For High-Priced And Eco-Friendly Vessels’ Construction

Shipbuilders from South Korea received the most significant orders in four years in 2022. It ranked the No. 1 in the world regarding the construction of eco-friendly and high-priced vessels, the industry ministry mentioned on Thursday.

Local shipbuilders reportedly won orders of 15.59 million compensated gross tons in 2022, accounting for about 37% of the orders placed worldwide, the Ministry of Trade, Industry and Energy said, showing data derived from Clarkson Research Services Ltd.

The proportion is reportedly up four percentage points from a year before and the highest since 2018 when the nation took up 38% of the world’s total orders.

S. Korea Secures The No. 1 Spot In The World, In 2022, For High-Priced Vessels Construction
Image for representation purposes only

In terms of value, South Korea won orders worth US$45.3 billion in 2022.
China has reportedly secured the world’s top spot with around 49% of the total shipbuilding orders all over the globe in 2022.

But South Korea bagged the greatest volume of orders for high-value-added vessels last year by accounting for 58%, or 149 of 270 orders. Of them, the country won 70% of the demands for liquefied natural gas (LNG) carriers worldwide. The data reflected that it reportedly secured the largest volume of contracts for eco-friendly ships in the world, with a 50% market share.

The ministry further explained in a release that the government would earmark 130 billion won in developing core technology and nurture talents in the shipbuilding industry to boost competitiveness.

References: Aju Business Dailly, Yonhap News Agency

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