Three South Korean Shipbuilders Among Top 10 for Global New Orders
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Synopsis
Three South Korean shipbuilders rank in the top 10 globally for new orders in 2024, while China dominates the list. South Korean firms excel in order backlog, ensuring steady production for the future. Hanwha Group's acquisition of Philly Shipyard enhances their capabilities and job creation.
Key Takeaways
- Three South Korean firms in global top 10 for new orders.
- South Korean shipbuilders lead in order backlog.
- Hanwha Group acquired Philly Shipyard.
- Philly Shipyard specializes in coastal transport vessels.
- Significant job creation planned at Hanwha Philly Shipyard.
Seoul, Jan 26 (NationPress) Three South Korean shipbuilders have secured positions in the top 10 companies globally for new orders in 2024, while the remaining slots were occupied by Chinese shipyards, according to industry data released on Sunday.
Samsung Heavy Industries achieved fifth place based on new orders evaluated in compensated gross tons (CGTs), with Hanwha Ocean Co. and HD Hyundai Samho Heavy Industries Co. following in sixth and seventh positions, respectively, as reported by Clarkson Research Services, based in London.
Leading the list was China's New Times Shipbuilding, followed by Hudong–Zhonghua Shipbuilding, New Yangzijiang, and Hengli Heavy Industry, as noted by Yonhap news agency.
Dalian Shipbuilding, Waigaoqiao Shipbuilding, and Jiangnan Shipyard rounded out the last three spots of eighth to tenth.
However, in terms of order backlog, South Korean firms were at the forefront.
HD Hyundai Heavy Industries Co. held the top position globally with 8.93 million CGTs as of January. Following closely was Samsung Heavy Industries Co. with 8.72 million CGTs, and Hanwha Ocean came in third with 8.49 million CGTs. HD Hyundai Samho claimed the sixth position in this category.
Industry insiders remarked that these results underscore the ability of South Korean shipbuilders to secure large-scale orders while maintaining substantial backlogs, ensuring consistent production in the years ahead.
In December of the previous year, Hanwha Group successfully completed a $100 million acquisition of Philly Shipyard, a prominent US shipbuilder for both commercial and government projects.
Founded in 1997 on the grounds of a former U.S. Navy shipyard in Philadelphia, the shipyard has now been rebranded as Hanwha Philly Shipyard, according to reports from Yonhap.
This shipyard specializes in constructing coastal transport vessels and has provided nearly 50 percent of large commercial vessels compliant with the US Jones Act, including petrochemical carriers and container ships.
Hanwha Philly Shipyard aims to generate numerous local jobs, enhance the yard's capabilities, and expand into new markets, as stated by the group.
