In 2023, Korea’s shipbuilding industry lost the world’s top spot to China for the third consecutive year.
Even as orders fell by more than 37 percent in 2023, the proportion of high-value vessels such as liquefied natural gas (LNG) carriers climbed.
Global shipbuilding orders totaled 41.49 million CGT in 2023, down 18.7 percent from 2022, according to Clarkson Research, a British shipbuilding and shipping analysis organization.
Korea’s order intake
Of this, Korea’s order intake stood at 10.01 million CGT, down 37.6 percent year on year. Its global market share hit 24 percent. China remained the world’s top order booker with 24.46 million CGT, a 59 percent share.
Korea led the world in shipbuilding orders for three consecutive years through 2020 but has lost the top spot to China for the third consecutive year since 2021. This was largely due to an increase in shipbuilding orders from Chinese clients.
Big three
As a result, the big three Korean shipbuilders’ business performances declined last year. HD Korea Shipbuilding & Offshore Engineering (KSOE) was the only one to meet its order target in 2023.
The Korean shipbuilding industry is also pumping up its efforts to land more orders for eco-friendly vessels.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source : Business korea
I loved it as much as you’ll end it here. The sketch and writing are good, but you’re nervous about what comes next. Definitely come back because it’s pretty much always the same if you protect this walk.
I rarely read blog posts, but this one compelled me to. Your writing style is amazing. Thank you for a great article.
My brother recommended this website, and he was right. This post made my day, and I can’t believe how long I spent looking for this information.