Korea’s shipbuilding industry kept its dominance in the global market despite a recession in the sector caused by oversupply and delayed recovery of the global economy, according to a tally available at the Ministry of Knowledge Economy.

New vessel orders won by the country’s shipbuilders totaled 3. 31 million compensated gross tonnage (CGT) during the January-June period, according to the Ministry of Knowledge Economy. The figure accounted for 37.7 percent of 8.77 million CGT for global ship orders placed during the first half.

Korea has maintained its position as the world’s No.1 shipbuilding country in the first half, followed by China with a 3. 03-million-CGT of orders or 34.5 percent of the total and Japan with a 1.07-million-CGT of contracts, or 12.3 percent of market share.

The continued dominance came as the global shipbuilding industry was rattled by years of oversupply, delayed global recovery and concerns over Europe’s fiscal crisis, the ministry said.

Global vessel orders of 8.77 CGT were less than half of the same period last year. Orders of merchant ships such as bulk carriers, tankers and container ships contributed mainly to the drop in global orders that stood merely at 4.9 million CGT in the first half, down around 65 percent from the same period of 2011.

Orders of other ships such as LNG carriers, LPG carriers, drill ships and offshore plants declined around 25 percent in the first half from a year before, but the falling rate was lower than the one for merchant ships thanks to demand for ships related to development and transport of natural resources.

Korean shipbuilders booked all orders for FPSO and LNG FSRU placed globally during the first half, while winning 7 drill ships, 1 LNG FPSO, 15 LNG carriers, 16 LPG carriers and 30 tankers. (Xinhua)

via KOSHIPA – The Korea Shipbuilders’ Association.