SEOUL, Nov. 29 -- South Korean shipbuilders are widely expected to lag far behind their Chinese rivals in new global orders to place second worldwide in 2023 amid falling demand, according to industry data Wednesday.
Local shipyards won a combined 9.55 million compensated gross tons (CGTs) in new orders in the first 11 months of this year, down 39 percent from a year earlier, according to the data from global market researcher Clarkson Research Service.
The global total stood at 38.03 million CGTs, or 1,746 ships, in the 11-month period, 21 percent lower than a year earlier.
Chinese shipyards far surpassed South Korean players, clinching 21.89 million CGTs in new orders, which was down 6 percent from the previous year.
South Korean shipbuilders obtained orders to construct 201 vessels, compared with Chinese rivals' 995 ships.
Given the track records, Chinese shipyards are expected to take the top spot in new global orders for the third straight year in 2023, with South Korean industry players likely to place second.
Industry analysts attributed the tumble in South Korean shipbuilders' orders to their business focus on bagging contracts for high-end, eco-friendly vessels, such as liquefied natural gas (LNG) carriers.
Despite the overall fall in orders, HD Korea Shipbuilding & Offshore Engineering Co., the top local shipyard, has achieved 136 percent of its yearly order target of US$15.74 billion so far this year.
But Samsung Heavy Industries Co. has attained 69 percent of its 2023 target, with the rate for Hanwha Ocean Co., formerly Daewoo Shipbuilding & Marine Engineering Co., reaching only 43 percent.
Yet, it still remains to be seen whether the two shipyards will be able to achieve their yearly goals as they are expected to win orders for 23 LNG carriers that Qatar's state-owned petroleum company, QatarEnergy, plans to place at the end of this year, watchers said.
This undated file photo shows HD Korea Shipbuilding & Offshore Engineering Co.'s shipyard in the southeastern industrial port of Ulsan.
