S. Korean shipbuilders' new orders up 11.9 percent in H1

New orders won by South Korean shipbuilders jumped 11.9 percent in the first half of 2023 on the back of rising demand for high-priced vessels, the industry ministry said Tuesday.

The country's shipbuilders secured orders worth $9.29 billion in the January-June period, compared with $8.24 billion a year earlier, according to the Ministry of Trade, Industry and Energy.

South Korea accounted for 29 percent of the orders placed worldwide in the first half, taking up the world's second spot after China, the ministry said, citing data from Clarkson Research Services Ltd.

The on-year growth was attributable to high demand for green and high-value vessels.

South Korea secured 61 percent of the world's total orders for high-priced vessels and 50 percent of the new orders for eco-friendly ones in the first half.

Eco-friendly vessels refer to those using such green fuels as liquefied natural gas (LNG), liquefied petroleum gas, methanol or ethanol, or those using batteries.

South Korean shipbuilders dominated the LNG carrier market by winning 87 percent of the world's total orders in the first half, the ministry said.

They have focused on large merchant ships powered by clean fuel, while Chinese shipbuilders manufacture mainly battery-powered small ferries.

In July, South Korea recaptured the top spot in new global shipbuilding orders for the first time in five months, the ministry added. (Yonhap)