South Korean Shipbuilders Account For Almost 55% Of Global Vessel Orders In July 2022

South Korean shipbuilders won 55% of global shipping orders in July 2022, maintaining their top position.

On Wednesday, per the Trade Ministry, worldwide ship orders in July 2022 were 2.11 million CGT (about USD 5.3 billion). Reportedly, Korean shipbuilders accounted for 55% of the worldwide shipbuilding order volume and 57% of the order amount. About 72 vessels were ordered in July, including 17 container vessels, 16 tankers, 11 bulk carriers, 12 LNG carriers, and 16 others. The proportion of massive and high-value-added ships powered by LNG was significantly high.

High value-added vessels accounted for 49%, and eco-friendly vessels accounted for approximately 60% of the total orders. Korean shipbuilders won 19 vessels worth 1.16 million CGT in July 2022.

Going by the ship type, Korean shipbuilders reportedly won 12 LNG carriers, three container vessels (1,800 TEUs), three tankers, and one cargo vessel in July 2022.

South Korean Shipbuilders
Image for representation purpose only

It was discovered that Korean shipbuilders won global LNG carrier orders and 81% of eco-friendly vessel orders.

Not just large shipbuilders but medium-sized shipbuilders as well won several orders. Until July 2022, orders won by major shipbuilders were valued at about USD 30.52 billion, 87% of 2022’s order target. This is an increase of 2.2% from about a year back.

Mid-sized shipbuilders reportedly won orders worth about USD 2.465 billion for about 31 tankers and small container vessels worth USD 2.465 billion in July, up 33% from USD 1.85 billion about one year back.

Korea’s order backlog was 35.86 million CGT, up 26% from 28.5 million CGT in July 2021. It was a lot higher than the growth rate of the global order backlog of 9.2% (about 92.72 million CGT–112.26 million CGT).

In July 2022, China’s order backlog went up by 12%, whereas Japan reduced it by 13%.

Since hitting the lowest of 125.06 in 2020 (November), the Newbuilding Price Index has kept increasing, touching 161.57 in July. It’s the highest level in almost 13 years and six months from January 2009.

The index reflects the average shipbuilding rate compared to the reference of January 1988 (100).

On average, the shipbuilding price of giant LNG carriers is USD 236 million, touching a record high.

References: ANI, Times Of Oman

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