South Korea Targets High-Value Ships as China Leads Orders
Global ship orders plunged by more than half from the previous month, with South Korea’s share of new orders standing at 16%. Although China widened the gap in orders between the two countries by sweeping up more than 80% of total volume, South Korea maintained an edge in average order size per vess
South Korea secured a 16% share of global ship orders in July, valued at 16% of the total 3.57 million CGT, or 21 vessels. Despite China's dominance with 81% of the order volume, South Korea outperformed in average order size per ship, at approximately 40,000 CGT compared to China's 27,000 CGT. This is due to South Korean shipbuilders' focus on high-value-added vessels like liquefied natural gas carriers and large eco-friendly ships.
The overall market expanded, with global orders reaching 50.93 million CGT, a 65% increase from the same period in 2021. South Korea's order backlogs of 38.23 million CGT, while down 480,000 CGT from the previous month, still accounted for 18% of the global total, indicating a widening gap in securing future work compared to China.
Written by urgent.news from BusinessKorea's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
