Koreans secure half of worldwide Q1 orders

Shipbuilding contracts secured by Korean shipyards in the first quarter accounted for more than half of the entire orders received worldwide. According to London-based ship broker Clarkson, Korean shipbuilders won more than 6 million CGT worth of orders from January to March this year. That is more than twice the contracts secured by runner-up, China. Europe, meanwhile, had orders totalling 1 million CGT and Japan 800,000 CGT.

The surge is attributed to a rush of orders before stricter design rules took effect on 1 April this year. Among other things, the rules prescribe thicker steel plates aimed at enhancing the safety of oil tankers and bulk carriers.