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