Korea's Large LNG Ships Hold 70% of Global Market Share... 50% Eco-Friendly Vessels

[Asia Economy Sejong=Reporter Dongwoo Lee] Last year, South Korea ranked first in the world in market share for high value-added and eco-friendly ships.

According to the Ministry of Trade, Industry and Energy on the 5th, the domestic shipbuilding industry secured orders for 11.98 million CGT (149 vessels), accounting for 58% of the global order volume of high value-added ships such as large liquefied natural gas (LNG) carriers, container ships, and ultra-large crude oil carriers (20.79 million CGT, 270 vessels).

Large LNG carriers, which recently recorded the highest prices ever, accounted for 70% (10.12 million CGT) of the global order volume (14.52 million CGT). South Korea also took first place in eco-friendly ships, whose global order share surged due to the International Maritime Organization (IMO) environmental regulations, securing 50% (13.12 million CGT) of the total orders (26.06 million CGT).

South Korea also ranked first in orders for LNG-powered ships, a representative eco-friendly vessel. Last year, South Korea secured 54% of the global LNG-powered ship orders.

Meanwhile, all five major shipbuilders exceeded their target order amounts last year. Korea Shipbuilding & Offshore Engineering (Hyundai Heavy Industries, Hyundai Mipo, Hyundai Samho) secured $23.99 billion in orders, exceeding its target by 38%, while Samsung Heavy Industries ($9.4 billion) and Daewoo Shipbuilding & Marine Engineering ($10.4 billion) exceeded their targets by 7% and 16%, respectively. All five companies secured an average of 3 to 4 years of work and ranked within the top 10 in the global shipbuilder rankings by UK Clarkson Research.

Hyundai Heavy Industries High Rotor Applied Ship Rendering

This content was produced with the assistance of AI translation services.