HMM (Hyundai Merchant Marine) Algeciras, a vessel made with Korean technology and the world's largest container ship, is docked on April 23 last year at Okpo Shipyard in Geoje, Gyeongsangnam-do Province. (Yonhap News)

By Kim Hyelin and Lee Jihae

The shipbuilding sector is expected to retain its world lead in order volume for the third year in a row.

Clarkson Research, a British company analyzing the global shipbuilding and shipping markets, on Jan 5. said that as of Dec. 28, the world had ship orders for a combined 17.92 million compensated gross tons (CGTs). China was first with 7.98 million CGTs and Korea second with 6.73 million.

 
This tally, however, excluded orders for 17 liquefied natural gas (LNG) carriers covering 1.45 million CGTs won late last month by Korea Shipbuilding & Offshore Engineering Co. and Samsung Heavy Industries. 

Thus if the latter CGT figure is included, Korea is expected to surpass China as the world leader in new ship orders according to Yonhap News. If so, Korea would claim the top spot for the third straight year since 2018.

Korean shipbuilding's prospects look positive this year thanks to pent-up potential demand due to COVID-19 and tougher environmental regulations.

The Export-Import Bank of Korea's Overseas Economic Research Institute last month released a report forecasting the 2021 performances of the domestic economy and industry both at home and abroad. The think tank predicted that the volume of Korea's ship orders this year will jump 134% to 9.8 million CGTs and that their value will rise 110% to USD 21.5 billion.

kimhyelin211@korea.kr