Orders in the 1st semester worth 12% more

South Korean shipyards booming

by Port News Editorial Staff

Orders secured by shipbuilding companies in the first half of 2023 are worth 12% more year-on-year.

Seoul’s Ministry of Trade, Industry and Energy has provided the latest report on the increasing number of orders in the shipbuilding industry. According to the report the orders secured by South Korean shipyards in the first half of the year are worth a total of 9.2 billion dollars, compared to $8.2bn in the same period in 2022.

In a press release, the Ministry said that this result was particularly significant considering that the global market is declining. Despite this, South Korean shipbuilders have managed to secure orders to keep them busy for at least three years.

In terms of compensated gross tonnage, global ship orders fell by about 34% year-on-year to 17.8 million in the January-June period.

Translation by Giles Foster

Go to Top