Hanwha Ocean Co.’s shipyard in Geoje, about 330 kilometers southeast of Seoul, is seen in this photo provided by the company. (Image courtesy of Yonhap)
SEOUL, Dec. 16 (Korea Bizwire) – South Korea’s share of global shipbuilding orders in 2024 is expected to hit its lowest point since 2016, highlighting growing concerns over its competitiveness in the face of China’s dominance.
Despite strong profits from high-value ship orders, experts warn that maintaining a basic level of order volume is essential to sustaining the country’s shipbuilding leadership.
China Widens the Gap
According to UK-based shipping analytics firm Clarkson Research, 6,033 million compensated gross tons (CGT) of new ship orders were placed globally from January to November 2024.