S. Korean Shipbuilders Reclaim Top Place in 1H Orders open the window of AOD

Write : 2017-07-09


South Korean shipbuilders reclaimed the top place in global ship orders in the first half of the year.
According to the British maritime market analyst Clarksons Research, new orders won by Korean shipyards more than doubled in the January-June period to two-point-56 million compensated gross tons (CGTs) on-year as of June 28th.
Korean shipyards beat China and Japan to recapture first place for the first time in five years, accounting for 34 percent of global orders. However, since the Clarksons tally was calculated, China won four more orders to build liquefied natural gas (LNG) carriers, which could change the rankings for the year's first half.
Looking at 2017 as a whole, analysts expect South Korea to top orders for the year due to brighter prospects in the latter half of the year.
The nation's top three shipyards, Hyundai Heavy Industries, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering, all enjoyed a prosperous first half of the year.
Hyundai Heavy and two of its affiliates clinched new orders worth 4.2 billion U.S. dollars for 72 ships in the first six months of the year. That represents a near six-fold increase from the first half of 2016. The Hyundai group has now already achieved nearly 60 percent of its annual target of 7.5 billion dollars in orders.
Meanwhile, Samsung Heavy Industries won orders worth 4.8 billion dollars for 13 vessels. Despite the low number of ships, the total value of the orders is the highest among the big three firms. This is thanks to two orders of high-end maritime plants worth over 3.7 billion dollars.
Daewoo Shipbuilding clinched 770 million dollars’ worth of new orders to build seven ships in the first half. The troubled shipyard was in dire financial straits but has implemented 76 percent of a self-recovery plan to turn around its fortunes.
The insolvency in the shipbuilding as well as the shipping industry affected the entire Korean economy and was the prime target of restructuring through last year. The uptick in performance this year was mainly led by oil tankers.
Sixty of the 72 ship orders of Hyundai group are oil tankers. Hyundai has won 14 of the total 27 global orders for 300-thousand plus ton very large crude carriers (VLCC).
Samsung won orders to build eight VLCCs and Daewoo five. Orders for LNG carriers have also increased with the rising status of LNG as an eco-friendly fuel.
Korean shipyards are especially advanced in constructing LNG carriers, clinching ten out of 12 global orders in the first half.

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