By Yoon Hee Young

The domestic shipbuilding sector led the world in the first quarter in the volume of vessel orders, securing more than half of all global contracts.

The Ministry of Trade, Industry and Energy on April 5 said in a statement, "Our shipbuilding industry in the first quarter led the world with orders for a combined 5.32 million compensated gross tons (CGT) worth USD 11.9 billion out of the global total of 10.25 million CGT."

The figure was up an astounding 923% from the same quarter last year and 157% from the same period in 2019. The performance was also the highest for the quarter in 13 years since shipbuilding's boom from 2006-08.

Korea last month retained its world lead in order volume for the sixth consecutive month with 2.87 million CGT, or 55% of the global total of 5.21 million CGT.

The ministry added, "The figure shows the gradual recovery in Korean shipbuilding industry after sluggishness due to COVID-19 and falling oil prices last year," adding, "The first-quarter result was greatly assisted by high value-added vessels including container ships, very large crude carriers (VLCCs) and liquefied natural gas (LNG) carriers."

Based on the rise in freight prices that followed by the order surge, Korea landed contracts for 77 container ships, two VLCCs and 23 LNG carriers.

Eco-friendly ships powered by LNG and liquefied petroleum gas comprised the majority 78% (221 million CGT) of the global order volume of 269 million CGT, showing their competitiveness in the market for future eco-friendly vessels.

Ship exports also grew 29% in the quarter to USD 7.35 billion, their best performance since 2016.

hyyoon@korea.kr