While the world is concerned that global shipbuilding orders are down, South Korea is seeing a record number of orders.
In April 2022, the country’s orderbook hit a six-year high, with South Korea saying that orders are at their highest point since April 2016.
The strength of the market in 2021 paved the way for South Korea to make that record, and within the first four months of the year there were brisk orders which also contributed.
While South Korea’s numbers are up, globally shipbuilding orders were down a third in April. According to date from Clarkson Research Service, 71 ships accounting for 2.51 gross tons were ordered last month.
In the new shipbuilding market, South Korea is near the top of the list, coming at second behind China.
During April, China had nearly double the market share compared to South Korea, with the LNG carrier order for Qatar contributing to those numbers. In the month, China had orders for 45 vessels that totaled to 1.54 million gross tons.
Meanwhile South Korean shipbuilders received orders for 16 additional ships which totaled to 820,000 gross tons.
With the orders from the first few months of 2022, South Korea’s total orderbook is at 688 ships. The orders reportedly total 32.68 million gross tons.
In 2016, the total order of ships was slightly more with 692, however ships tend to be larger nowadays, so the total of gross tons exceeded that previous record.