Home / Shipping News / Shipbuilding News / South Korean Shipbuilders Faring Well

South Korean Shipbuilders Faring Well

Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries won US$11.91 billion of new contracts in the second quarter of this year, divided into US$7.4 billion, US$3.71 billion and US$800 million, respectively.

In the second quarter of 2020, the three major shipbuilders’ new contracts stood at US$1.89 billion, consisting of US$860 million, US$1.03 billion and zero. In the first quarter of this year, their new contracts added up to US$5.5 billion, US$1.79 billion and US$5.1 billion, respectively.

The shipbuilders’ new contracts exceeded US$10 billion for the second consecutive quarter. The H1 2021 figure, US$24.3 billion, is more than six times the H1 2020 figure. This year, Korea Shipbuilding & Offshore Engineering is aiming to reach US$14.9 billion and already reached US$12.9 billion. The figures are US$7.7 billion and US$5.5 billion in Daewoo and US$9.1 billion and US$5.9 billion in Samsung.

The South Korean shipbuilders are expected to outperform their Chinese counterparts again. This year, the former outstripped the latter in the first quarter, the latter overtook the former in April, and the former regained their global top spot in May.
Source: Business Korea

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping