The Ministry of Trade, Industry and Energy on July 11 said Korea in the first half of the year achieved a 13-year high in global ship orders by volume. The photo shows a liquefied petroleum gas carrier built by Hyundai Heavy Industries. (Korea Shipbuilding & Offshore Engineering)

By Jung Joo-ri and Yoon Hee Young

Domestic shipbuilding in the first half of the year recorded a 13-year high in global ship orders by volume, securing 44% of the world total.

The Ministry of Trade, Industry and Energy on July 11 said order volume accounted for 10.88 million of the world's 24.52 million compensated gross tons (CGT) worth USD 26.71 billion, up an astounding 724% year on year and 183% from the first half of 2019 before the pandemic.

This year's figure was also the nation's largest in 13 years since the shipbuilding boom of 2008.

Orders for high value-added vessels, a niche in which Korean shipbuilding is highly competitive, reached 7.23 million CGT, or 61% of the global total of 11.89 million CGT.

Korea also swept all orders for liquefied natural gas (LNG) carriers with 1.4 million CGT spanning 16 vessels. Thanks to the rise in freight prices stemming from surging orders, the country also received orders for 4.67 million CGT (81 vessels) of container ships bigger than 12,000 TEU (20-foot equivalent unit) and 1.16 million CGT (27 vessels) of very large crude carriers (VLCCs).

Orders for eco-friendly ships using LNG, liquefied petroleum gas, ethanol, methanol and biofuel comprised 70.1% (6.85 million CGT) of the global volume of 4.8 million CGT, up an amazing 806% from 530,000 CGT year on year.

The ministry said, "Considering Qatargas is expected to place orders for LNG carriers in the second half of the year, both global and domestic orders are expected to be favorable."

etoilejr@korea.kr