South Korea’s Shipbuilding Industry: A Look at the Orderbook
Veson Nautical has utilized data from VesselsValue to reveal that South Korea’s shipbuilding orderbook has surpassed a staggering $138 billion. This figure underscores the country’s prominent position in the global maritime industry.
The Breakdown of South Korea’s Orderbook
Among the various sectors, the LNG segment emerges as the most valuable, commanding a substantial $71.3 billion and constituting approximately 52% of the total orderbook value. With 276 vessels on order, the LNG sector also boasts the highest volume of orders.
Container ships follow closely behind, with a market value of $35.6 billion, representing around 26% of the orderbook value. This sector has 184 vessels on order. The LPG sector ranks third with a value of $14.9 billion and 129 vessels on order, with tankers closely trailing at $14.7 billion in value. Tankers, with 185 vessels scheduled for construction, surpass both LPG and container ships in volume. Vehicle carriers round out the top five, with a value of $929 million and a total of eight vessels on order.
Key Players in South Korea’s Shipbuilding Landscape
Leading the pack is CMA CGM, with a substantial $8.09 billion in orders. The company’s orderbook predominantly consists of 38 container vessels across the ULCV, New Panamax, and Post Panamax categories.
In second place is NYK, with a total order value of $7.21 billion, including 26 large LNG vessels and three VLACs. NYK also has additional orders in yards in China, Japan, and Germany, spanning LNG, LPG, bulkers, and tankers.
Qatar Gas Transport ranks third with an orderbook value of $6.9 billion, primarily comprising large LNG vessels. Qatar Energy follows closely behind with an orderbook value of $6.52 billion, focused on large LNG vessels.
Dual-Fuel Capabilities and Fleet Analysis
Approximately 37% of vessels on order in South Korea are equipped with dual-fuel capabilities, accounting for a market value of $71.4 billion. The container sector leads in dual-fuel adoption, with 80% of vessels planned to be dual-fuel. The LPG sector follows suit, with around 50% of vessels incorporating dual-fuel technology.
When considering both the live fleet and vessels on order, HMM emerges as the top owner in South Korea, with a fleet value of $11.9 billion and a diverse portfolio spanning bulker, tanker, container, LNG, and vehicle carrier sectors. H Line Shipping and Pan Ocean follow closely behind in fleet value.
South Korea’s Shipbuilding Legacy
South Korea’s shipbuilding industry continues to maintain its global leadership position, with a robust orderbook dominated by LNG carriers, tankers, and container ships. The country’s prowess in shipbuilding is evident through its diverse and substantial orders across key maritime sectors.