SEOUL, Dec. 29 (Korea Bizwire) — South Korean shipbuilders lagged behind their Chinese rivals in terms of new global orders in 2022 to take the No. 2 spot in the world for the second straight year, industry data showed Thursday.
Local shipbuilders clinched a combined 15.64 million compensated gross tons (CGTs) in new orders this year, accounting for 37 percent of the 41.93 million global total, according to the data provided by global market researcher Clarkson Research Service.
It was down 11 percent from a year earlier. The global tally was also down 22 percent from 2021.
Chinese shipyards far outpaced South Korean players, bagging 20.34 million CGTs in new orders, or 49 percent of the world total.
South Korea had retained the world’s No. 1 spot in new shipbuilding orders for three years running before falling behind China in 2020.
However, South Korean shipyards far outperformed Chinese rivals in terms of orders for high-end liquefied natural gas carriers this year.
Local shipbuilders obtained 10.12 million CGTs worth of LNG carrier orders this year, taking up 70 percent of the 14.52 million global total, which was up 130 percent from a year earlier.
Chinese shipyards took the remaining 4.4 million CGTs with their share reaching 30 percent.
South Korea’s percentage was down from 93 percent in 2020, while China’s proportion was sharply up from a mere 7.4 percent.
LNG carrier orders obtained by South Korean shipyards accounted for 65 percent of their total orders, which industry watchers say will likely help improve their profitability.