Korea Leads World in Shipbuilding

Market researcher Clarkson Research Studies reports that Korea's total amount of ship orders in the first 11 months of this year amounted to 13.9 million compensated gross tonnage (CGT), or about 39 percent of the global market (35.5 million CGT). This outstrips the combined orders won by Japan (5.9 million CGT) and the whole of Europe (7.4 million CGT). Korean shipbuilders are expected to lead the global market for some time to come as Korean firms have secured enough orders for the next three years and 10 months on average, which in turn will give them the choice to build high value-added vessels in the future. Coupled with surging demand for large vessels like liquefied natural gas carriers and floating production storage and offloading vessels due to record-high oil prices, the prospects for the local industry are bright. Source: Clarkson Research Studies