S. Korean shipbuilders win orders worth 14 trillion won in Q1 for 52% market share

South Korea's shipbuilders won new orders worth a combined 14 trillion won for 126 ships or 5.32 million compensated gross tons (CGTs) in the first quarter, accounting for 52 percent of the total global orders.

The new orders by the three major local shipbuilders were ten times the 550,000 CGTs logged for 2020.

The first quarter market share was also way higher than the 10 percent share recorded last year.

Local shipbuilders won major deals in the first quarter as the shipyard industry recovered from the pandemic's fallout.

Korea Shipbuilding & Offshore Engineering Co. (KSOE) led the way with new orders of 68 ships, valued at $5.5 billion.

Samsung Heavy Industries Co. clinched $5.1 billion worth of new orders in while Daewoo Shipbuilding & Marine Engineering Co. had $1.79 billion.

Among the new orders received were container carriers, liquefied natural gas (LNG) carriers, and eco-friendly ships.