It has been found that South Korean shipbuilders obtained 34% of new shipbuilding contracts in the first half of this year to rise back to the top. Until June 28 from the beginning of this year, they signed contracts equivalent to 2.56 million CGT in total, more than doubling the figure from the same period of last year.

Chinese shipbuilders overtook them in 2012. However, South Korean shipbuilders are likely to turn the tables this year as they are expected to conclude a number of contracts in the second half as well. In addition, STX Offshore & Shipbuilding is scheduled to resume its business in the second half. This company, which went into receivership in April last year, recently obtained a new contract for four 11,000-ton tankers.

Among the three largest South Korean shipbuilders, the Hyundai Heavy Industries Group led the positive growth in the first half. The group’s three shipbuilders – Hyundai Heavy Industries, Hyundai Samho Heavy Industries, and Hyundai Mipo Dockyard – signed contracts for no less than 72 ships worth a total of US$4.2 billion in the first half of this year alone, boosting the figures by 59 and US$3.2 billion from a year ago, respectively.

Samsung Heavy Industries obtained new contracts for 13 ships (US$4.8 billion) during the period, including one floating oil production platform and one floating LNG production facility. The contracts for these offshore plants have a combined value of US$3.77 billion. Daewoo Shipbuilding & Marine Engineering scored seven and US$770 million.

Source: Business Korea