Big Three Korean shipbuilders win largest orders in eight years

Seoul - South Korea's three major shipbuilders in 2021 have received their largest amount of orders in eight years, surpassing their targets by 45%, according to the industry sources on Dec. 31. The Big Three bagged a combined $45.9 billion worth of orders this year

Seoul - South Korea's three major shipbuilders in 2021 have received their largest amount of orders in eight years, surpassing their targets by 45%, according to the industry sources on Dec. 31. The Big Three - Korea Shipbuilding & Offshore Engineering Co. (KSOE), Daewoo Shipbuilding & Marine Engineering Co. and Samsung Heavy Industries Co. - bagged a combined $45.9 billion worth of orders this year, compared with their targeted $31.7 billion.

The figure indicated their thickest order books for a year since 2013, driven by eco-friendly ships and container carriers amid stricter environmental regulations and a global economic recovery from the pandemic. The Big Three beat their 2021 targets by 152%, 134% and 141%, respectively, securing orders of a combined 367 vessels this year.

That represents about a quarter of new orders for 1,561 ships placed worldwide this year, which was double the previous year's. Eco-friendly vessels, or dual-fuel ships such as LNG carriers, made up 35% of the total. In the 11 months to November of this year, South Korea came second to China in terms of ship orders received, accounting for 16.96 million compensated gross tonnage (CGT), according to global market researcher Clarkson Research Service.


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