Korean shipbuilders clinch record high new order

Last year Korean shipbuilders clinched orders for 470 ships of 16.8 million CGT which represented more than double the order intake in 2002 for 230 ships of 7.6 million CGT. Sources within Korea?s Ministry of Commerce, Industry and Energy (MCIE) said that this huge increase was attributed to the ‘China effect’ together with the stricter international regulations on single hull ships.

The ministry said that Korean shipbuilders picked up orders for 12 LNG carriers last year compared with five in 2002 and 62 boxships of over 8,000 TEU year compared with five in 2002. Completions last year totaled 223 ships of 7.3 million CGT, up 6.5% from 2002.

The MCIA forecasts that Korean shipbuilders are likely to achieve about 7.5 million CGT newbuilding orders for this year and that they will focus on increasing prices and better profit margins rather than securing volume.