Korea Loses World’s Top Spot To China In Shipbuilding Orders 3 Years Running

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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.

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Source : Business korea

 

 

 

 

3 COMMENTS

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