Thursday, October 18, 2012

[Ship Building] Korea Keeps No.1

Korea Keeps No.1

Korean shipbuilding industries contracted a total of 5.2m cgt ($18.9bn), accounting for 36.3% of global new order, during the first nine months of 2012, and kept its first place.

The Ministry of Knowledge Economy analyzed data from Clarkson and Korea Shipbuilders' Association and reported that Korean shipbuilders saw total new order decreased by 58.6% year-on-year and by 56.9% in value terms.
However, with competitive edge in high-value ship/unit, such as tanker, gas carriers, offshore plant, etc., Korea maintained to be at the top.

Overall 14.34m cgt was invested during January-September of the year, down by 48.1% year-on-year, of which 5.2m cgt was placed at Korean shipyards, with 36.3% of market shares.

While Chinese and Japanese contracted 4.98m cgt and 1.66m cgt, taking 34.7% and 11.6%, each.

Korean builders raked in each of floating unit ordered year-to-date - one FPSO ($2bn), one central processing facility ($2.7bn), one FSO ($430m) and one FSU ($250m). Also, one LNG-FPSO ($770m) and one LNG-FSRU ($280m) were awarded by Korea.

Leaving out 15 drillships ordered at Brazilian shipyards from domestic owners and LNG carriers awarded at Japanese and Chinese from their domestic shipowners, Korean shipyards inked the rest of 15 drillships ($8.2bn in total) and 13 LNG carriers ($2.7bn), as well as 70% of total newbuilding LPG carriers and 55% of tankers invested around the world, in terms of cgt.

From January to September of the year, orders for offshore plant, including drillship and CPF, take 70% of overall shipbuilding and offshore orders, up from 45% from last year.

Global newbuilding investment is on a down turn, marking 4.78m cgt in Q1, 4.76m cgt in Q2 and 4.8m cgt in Q3.

As for vessel type, investments in boxship, bulker and LNG carrier have massively dropped, while orders for LPG carrier rose and for tanker, offshore plant and offshore related vessel have seen comparable level placed last year.

Global newbuilding delivery declined by 5.7% year-on-year to 37m cgt.

Also, orderbook is still on a slide, standing at 96.54m cgt as of the end of September, down by 24.8% against the end of 2011. Korean shipbuilders account for 31.1% of global shares with 30.03m cgt of orders on the book, dropped by 22.3%.

Meanwhile, Korean shipbuilding industries are estimated to have recorded $32bn of exports in the first nine months, down by 28% year-on-year.

Published : October 17, 2012

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