HomeNewsKorean shipbuilders' orders hit 13-year High, accounting for 44% of orders worldwide

Korean shipbuilders’ orders hit 13-year High, accounting for 44% of orders worldwide

The Korean Ministry of Trade, Industry and Energy (MOTIE) announced that the volumes of new shipbuilding orders Korean shipbuilders have received during the first of 2021 hit a 13-year high. MOTIE said that the strong orders contributed to a rebound in the country’s economy after the impact of the pandemic in 2020.

Quoting data from Clarkson Research Services, the Ministry emphasized that orders reached 10.88 million compensated gross tons in orders in the first half of 2021.

The figures represent the striking first-half performance in the 13 years since the shipbuilding boom of 2006 to 2008.

The strong performance of the Korean shipbuilding industry resulted from high volume-added ship orders driven by domestic businesses including very large crude carriers, and LNG carriers.

The ministry also announced plans to “provide focused support so that domestic shipbuilding companies can maintain their competitiveness through projects for autonomous ship development and development of innovative technologies for all cycles of eco-friendly ships.”

Maru Kim
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