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Korea takes world's top spot in eco-friendly ship construction in 2022

By Park Yoon-bae Posted : January 6, 2023, 14:10 Updated : January 6, 2023, 19:17

[Courtesy of Daewoo Shipbuilding & Marine Engineering]

SEOUL -- South Korean shipbuilders received orders of 15.59 million compensated gross tons (CGT) last year, representing 37 percent of the orders placed worldwide, according to the Ministry of Trade, Industry and Energy.
 
The country’s global shipbuilding market share hit the highest since 2018 when it reached 38 percent. Korea came second in the world orders ranking in 2022 after China which took a 49 percent share.
 
Citing data from Clarkson Research Services, the trade ministry said Korea’s global market share rose 4 percentage points last year from the previous year’s 33 percent, despite the fact that total global ship orders decreased by 22 percent amid deteriorating economic conditions.
 
What’s more notable is that Korea took the top spot in the construction of high-priced and eco-friendly ships last year. Domestic shipbuilders snatched the world’s largest volume of orders for high value-added vessels, including LNG carriers, large-sized oil tanker ships and container ships, which accounted for 149, or 58 percent, of the 270 orders.
 
Korea won orders of 10.12 million CGT for LNG carriers, accounting for 70 percent of the total global orders of 14.52 million CGT placed worldwide in 2022. The prices of orders for LNG carriers rose to a record level in the aftermath of the Russian war in Ukraine.
 
The country also grabbed orders for eco-friendly ships estimated at 13.12 million CGT, representing 50 percent of the total global orders of 26.06 CGT. Demand for eco-friendly vessels has been on the rise due to the International Maritime Organization’s strengthened environmental regulations.

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