VesselsValue data reveals a substantial South Korean shipbuilding orderbook, exceeding $138 billion. Leading the orderbook in value is the LNG carrier sector, followed by container ships, LPG carriers, and tankers. The top five owners contributing to this orderbook are CMA CGM, NYK, Qatar Gas Transport (Nakilat), Qatar Energy, and Evergreen Marine Corporation.
LNG Domination
The South Korean shipbuilding orderbook is heavily dominated by the LNG sector, which holds the highest value at USD 71.3 billion and accounts for approximately 52% of the total orderbook value. This sector also boasts the largest volume of orders, with 276 vessels currently scheduled for construction.
The container sector ranks second in value, with orders totaling USD 35.6 billion, representing about 26% of the orderbook and comprising 184 vessels. Following closely are the LPG and tanker sectors. The LPG orderbook is valued at USD 14.9 billion, with 129 vessels on order, while the tanker orderbook is valued at USD 14.7 billion, but surpasses LPG and containers in volume, with 185 vessels to be built. Vehicle carriers occupy the fifth position, with orders worth USD 929 million for a total of eight vessels.
CMA CGM holds the top position in terms of order value, with USD 8.09 billion, and also has the highest order volume, consisting solely of 38 container vessels across the ULCV, New Panamax, and Post Panamax sectors. NYK ranks second, with orders totaling USD 7.21 billion, encompassing 26 large LNG vessels of 174,000 CBM and three VLACs of 88,000 CBM.
It is notable that beyond the South Korean order book, NYK also has an additional 56 vessels on order within Chinese, Japanese, and German shipyards including LNG, LPG, Bulker,s and Tanker vessels. Qatar Gas Transport is in third place, with an orderbook valued at USD 6.9 billion, comprising 29 vessels, predominantly in the Large and Qmax LNG sectors. Qatar Energy follows in fourth place, with an orderbook value of USD 6.52 billion, consisting of 25 large LNG vessels of 174-175,000 CBM.
HMM Most Valuable
When considering both existing vessels and those on order, HMM has the most valuable fleet among South Korean owners, totaling USD 11.9 billion and encompassing 112 vessels across the bulker, tanker, container, LNG, and vehicle carrier sectors. This fleet is relatively modern, with an average age of eight years.
H Line Shipping ranks second, with a fleet value of USD 6.09 billion and 62 vessels. Pan Ocean follows in third place, with a fleet value of USD 5.73 billion and the second-largest fleet of 126 vessels. Sinokor ranked fourth in terms of value at USD 5.73 billion, possesses the largest fleet by volume, consisting of 134 vessels. However, Sinokor’s fleet has a slightly older average age of 11 years, compared to HMM, whose fleet value is double that of Sinokor’s. More than half of Sinokor’s fleet, approximately 54%, is in the container sector, with the remainder comprising tankers, bulkers, and LNG vessels.
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Source: VesselsValue
