South Korea’s shipbuilding industry has been sailing smoothly while continuously winning a lot of orders since the beginning of this year. Market analysts evaluate that a selective-order strategy centered on high-value-added energy vessels is leading to such improved performance and achievement of the targeted number of orders. According to the shipbuilding industry, HD Korea Shipbuilding & Offshore Engineering Co., Ltd., which is the intermediary holding company of HD Hyundai, has won orders for a total of 96 vessels worth USD 11.32 billion so far this year. This amounts to 48.6% of its annual order target, USD 23.31 billion. Compared to the same period last year, when orders were secured for 53 vessels worth USD 6.55 billion, achieving 35.5% of the target. The number of orders, the value, and the speed of target achievement have all accelerated significantly.

Last year, container ships accounted for more than half of total orders, but this year, the share of orders for liquefied natural gas (LNG) carriers, liquefied petroleum gas (LPG) and ammonia carriers, and petrochemical product carriers (PC carriers) has expanded rapidly. In particular, LNG carrier orders have already reached 14 vessels this year, double the annual volume of seven vessels last year. Meanwhile, LPG ammonia carrier orders have also increased from 11 vessels last year to 20 this year. Orders for PC carriers also recorded 26 vessels, surpassing last year’s annual order volume.

Hanwha Ocean is also seeing an improvement in its order flow this year. To date, the company has secured orders for a total of 19 vessels worth approximately USD 3.44 billion, including 10 Very Large Crude Carriers (VLCCs), five LNG carriers, three Very Large Ammonia Carriers (VLACs), and one Wind Turbine Installer Vessel (WTIV). This represents an increase in scale compared to the same period last year (14 vessels worth USD 3 billion).
Meanwhile, Samsung Heavy Industries has secured orders for a total of 17 vessels worth USD 3.4 billion so far this year. Of these, orders for merchant vessels alone amounted to USD 3 billion, already meeting 52.6% of its annual merchant vessel target of USD 5.7 billion. By vessel type, the orders include six LNG carriers, two Very Large Ethane Carriers (VLECs), two Very Large Gas Carriers (VLGCs), two container ships, and four crude oil carriers.
 
 
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