South Korean Yards Close Year with No.1 Spot

South Korean shipbuilders are expected to maintain their status as the world’s top position in new orders this year, although they may fail to meet their annual order targets.

South Korean shipbuilders have secured new orders totaling 7.12 million compensated gross tons to build a total of 168 ships through November, accounting for 36 percent of the total deals placed around the globe, said a report in Yonhap.

According to the report, the Chinese rivals have bagged 7.08 million CGTs worth of orders for 304 ships in the first 11 months of the year, with their market share reaching 35 percent, according to the sources.

Japan came in third with 2.57 million CGTs, or 13 percent, followed by Italy with 1.14 million CGTs, or 6 percent, said the report.

Last year, South Korea topped the list of new orders with 13.08 million CGTs, more than China’s 10 million CGTs.

Despite their leading position in terms of new orders, they are unlikely to meet their annual order targets, as the lengthy trade row between the United States and China sapped demand for new ships, the sources said.

Hyundai Heavy Industries (HHI) leads the pack with US$12 billion worth of new orders to build 135 ships, achieving some 76 percent of its order target.