Shipowners Prefer Korean Rather Than Chinese Shipyards

Tanker owners, as reflected in global market share, prefer to order from Korean shipyards according to a recent analysis

According to a Gibson market report, quoted by KOMEC-Korea, as many as half of China's shipbuilders are likely to go out of business over the next two to three years.

Korean yards have taken 55% of all new tanker orders placed so far this year. As demand for Eco ships or more specialised tonnage takes off, it is Korean yards which are likely to benefit the most.

The report adds that currently China’s slice of the global tanker orderbook represents 38%, still some way behind South Korea with 47%. However, Korean shipbuilders have the technical edge and are therefore able to build higher quality vessels to the higher specifications required by owners today.

Korean yards have taken 55% of all new tanker orders placed so far this year. As demand for Eco ships or more specialised tonnage takes off, it is Korean yards which are likely to benefit the most.