South Korean shipbuilders won half of global orders in Q3

South Korean shipbuilders received half of global ship orders in the third quarter due to strong demand for high value-added ships, a government report said Wednesday.

New vessel orders won by the nation's shipyards totalled 2.47 million compensated gross tonnes (CGTs) during the July-September period, the Ministry of Knowledge Economy said in a statement. It represents 50 percent of 4.94 million CGTs worth of global ship orders placed during the third quarter, reported Xinhua.
South Korea kept its position as the world's No.1 shipbuilding country, followed by China with a 1.37 million CGT of orders or 27.8 percent of the total and Japan with a 0.52 million CGT of contracts, or 10.5 percent of the total.
The third-quarter orders were led by contracts for high value-added vessels such as ships that carry containers and liquefied natural gas (LNG), according to the ministry.
South Korean shipbuilders booked all 18 orders for LNG vessels placed during the third quarter as well as five out of seven contracts for large container ships with a load capacity of more than 8,000 twenty-foot equivalent units. Three out of five contracts for drill ships were also won by the South Korean shipbuilders.
Orders for oil tankers won by the nation's shipyards accounted for 58 percent of the total, while South Korean shipbuilders' container ship contracts represented 52 percent among the total of 1.04 CGTs worth of orders.
'South Korean shipbuilders won 50 percent of global ship orders in the third quarter due to strong demand for locally-manufactured high value-added ships, but outlook for shipping and shipbuilding industries remains uncertain given an oversupply of ships, withering shipping finance hit by Europe's debt crisis and delayed economic recovery in advanced nations,' the ministry said.