Since the beginning of the year, South Korean shipbuilders have captured over half of global ship orders, outperforming China to claim the top market share. This marks their first return to the number one position since July last year. Notably, the orders are concentrated on high-value vessels, expected to boost profitability.

 According to <em>Clarkson Research</em>, a leading British shipbuilding and shipping analysis agency, global ship orders in January totaled 1.46 million CGT, down 73.9% from 5.59 million CGT recorded in the same period last year.

 Of this total, South Korean shipbuilders secured orders for 900,000 CGT (13 ships) last month, accounting for 62% of the market share. China’s market share stood at 19%, with orders for 270,000 CGT (21 ships).

 The average CGT per vessel for South Korean orders was 69,230, surpassing China’s 12,850. This underscores the Korean shipbuilding industry’s strategic focus on high-value vessels.

 Last month’s new building price index was 189.23, similar to the previous month’s 189.16. This represents an increase of approximately 8 points from last year (181.16). The index benchmarks global shipbuilding prices against a 1988 baseline of 100.

 Current prices for key vessel types are $260 million for LNG carriers, $129 million for huge crude carriers (VLCCs), and $275 million for ultra-large container ships (22,000 to 24,000 TEU).

Since the beginning of the year, South Korean shipbuilders have captured over half of glob …

South Korea’s Shipbuilding Surge: Leading the Global Market with High-Value Orders