Business

Jan 06, 2023

The Ministry of Trade, Industry and Energy on Jan. 6 said the domestic shipbuilding sector last year led the world in orders for high value-added and eco-friendly vessels. Shown is a liquefied petroleum gas carrier built by Hyundai Heavy Industries. (Korea Shipbuilding & Offshore Engineering)

The Ministry of Trade, Industry and Energy on Jan. 6 said the domestic shipbuilding sector last year led the world in orders for high value-added and eco-friendly vessels. Shown is a liquefied petroleum gas carrier built by Hyundai Heavy Industries. (Korea Shipbuilding & Offshore Engineering)



By Yun Dahee

The domestic shipbuilding sector last year led the world in orders for high value-added and eco-friendly vessels.

The Ministry of Trade, Industry and Energy on Jan. 6 said orders for high-value added vessels including liquefied natural gas (LNG) carriers, container ships and very large crude oil carriers reached 11.98 million compensated gross tons (CGT) spanning 149 vessels. The figure accounted for 58% of the global total of 20.79 million CGT and 270 vessels. 

For LNG carriers, which are seeing record-high prices, Korea landed contracts for 10.12 million CGT spanning 117 vessels, grabbing 70% of the global order volume of 14.52 million CGT and 168 ships.

Korea also led the world in orders for eco-friendly ships with 13.12 million CGT, or half of the global volume of 26.06 million CGT. It was also No. 1 in orders secured for LNG-powered ships, a leading model of an eco-friendly vessel, with 12.09 million CGT spanning 167 vessels, accounting for 54% of the global total of 22.53 million CGT and 381 vessels. 

Global demand has surged for eco-friendly ships powered by LNG, methanol, liquefied petroleum gas and electricity amid stricter environmental regulations of the International Maritime Organization. 

Domestic shipbuilding last year received orders comprising 15.59 million CGT worth USD 45.3 billion, accounting for 37% of the global volume of 42.04 million CGT and posting the nation's second-largest market share since 38% in 2018.

"This result is thanks to the many orders last year for high value-added and eco-friendly ships and Korea's advancement through high technological competitiveness in this sector," the ministry said. 

daheeyun@korea.kr