South Korean shipyards are continuously winning contracts for very large crude carriers (VLCCs). Recently, Hanwha Ocean and HD Korea Shipbuilding & Offshore Engineering (HKSOE) have pursued high-value contracts for VLCCs as part of their strategy to diversify their vessel portfolios and prioritize s
Korean shipbuilders overtook China in terms of ship order intake in February to take the number one spot in the global market.According to Clarkson Research, a British shipbuilding and shipping market analysis firm, global ship orders totaled 3.4 million CGT (100 ships) in February, of which Korea w
Korean shipbuilders lagged behind Chinese shipbuilders to take second place in global ship orders in January.Global ship orders totaled 2.57 million CGT (96 ships) in January, down 26 percent year on year, according to Clarkson Research, a U.K.-based shipbuilding and shipping market research firm. O
Chinese shipyards are sweeping up orders for methanol-powered ships, an eco-friendly, low-carbon type of vessel, as South Korea’s shipbuilding industry seeks to take orders for high-value vessels. In particular, China is expanding orders based on its capacity to produce and supply methanol, raising
Korean shipbuilders have won all the orders for very large ammonia carriers (VLACs) ordered this year. The analysis suggests that Korean shipbuilders are in a strong position to win orders due to their technological prowess.A total of 15 VLACs have been ordered globally so far this year, all of whic
The big three Korean shipbuilders -- HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean -- are expected to lower their annual order targets for 2024 compared to last year. According to a recent industry report, HD Hyundai’s shipbuilding intermediate holding comp
비지니스코리아 Michael Herh (pr@businesskorea.co.kr)HD HHI and Hanwha Ocean have mapped out plans to reduce the proportion of merchant ship orders this year and focus on the naval vessel business in 2024.On Jan. 3, HD HHI set a US$988 million order target for its specialty ship (naval vessel) business, whi
In 2024, Korean shipbuilders are likely to benefit from an increase in tanker orders because of increased distances for crude oil transportation due to the prolonged war in Ukraine, rising unrest in the Red Sea region, the gateway to the Suez Canal, and a shortage of shipbuilding slots with Chinese
In 2023, Korea lost the top spot to China in global shipbuilding orders for three years in a row but it maintained its pride by holding the first through fourth positions in terms of order backlog (shares) by shipyard. Although the nation lost in shipbuilding order quantity, it fared well in terms o
In 2023, Korea’s shipbuilding industry lost the world’s top spot to China for the third consecutive year. However, even as orders fell by more than 37 percent in 2023, the proportion of high-value vessels such as liquefied natural gas (LNG) carriers climbed.Global shipbuilding orders totaled 41.49 m
Samsung Heavy Industries (SHI) and Hanwha Ocean, two of the three major Korean shipbuilders along with HD Korea Shipbuilding & Offshore Engineering (KSOE), are expected to fail to meet their annual order targets set earlier this year by the end of December.According to sources in the shipbuilding in
Korea’s shipbuilding industry lost to rival China’s in November, slipping to second place in order intakes for the first time in a month. Korea had claimed the top spot in three months after knocking China off the top spot in October.Global ship orders in November reached 1.59 million standardized e
Amid a steadfast strategy of selective order intake focusing on high-value-added vessels, the South Korean shipbuilding industry has finally surpassed China to record the world’s highest global market share. This success comes in the wake of a continuous rise in the Newbuilding Price Index, securing
The persistent manpower shortage in South Korea’s shipbuilding industry is gradually being addressed, leading to an acceleration in ship construction. Compared to last year, about 36% more ships are being built monthly. The increase is attributed to the government’s easing of domestic employment con
The three major South Korean shipbuilders – HD Korea Shipbuilding & Offshore Engineering (KSOE), Hanwha Ocean, and Samsung Heavy Industries – are likely to simultaneously achieve a quarterly profit in the third quarter of this year, marking the first time in 11 years.According to the shipbuilding an
Korea’s shipbuilding industry lost ground to its rival, the Chinese shipbuilding industry, in September.According to Clarkson Research, a U.K.-based shipbuilding and shipping market analyst, global ship orders totaled 1.86 million CGT (71 ships) in September of 2023, down 59 percent from the same mo
HD Hyundai Heavy Industries (HHI) is expected to be the first company to win a second batch of liquefied natural gas (LNG) carrier orders for its LNG project from Qatar Energy, the state-run energy company of Qatar, beating out Chinese shipbuilders. The contract alone is worth US$3.9 billion for 17
China has received recognition from the American Bureau of Shipping (ABS) and others for its world-leading technological capabilities in the field of ultra-large liquefied natural gas (LNG) carriers, noting it as the largest in the world.According to industry sources and foreign reports on Sept. 9,
HD Korea Shipbuilding & Offshore Engineering (KSOE), the intermediate holding company of HD Hyundai, has surpassed its annual order-taking target of US$15.74 billion this year. This marks the third consecutive year of attaining the goal earlier than expected, following 2021 and 2022.In a public disc
South Korean shipbuilding orders appear to have fallen significantly behind rival China.According to Clarkson Research, a U.K.-based shipbuilding and maritime analysis institute, global ship orders last month stood at 2.05 million CGT (Compensated Gross Tonnage, 71 ships), a 30% decrease compared to