S. Korea Wins Half of World Ship Orders in Q3

South Korean shipbuilders won half the global shipbuilding orders in the third quarter in terms of tonnage, reported the government Wednesday.

From July through September S. Korean shipbuilders secured orders for 56 ships totaling 2.47 million compensated gross tons (CGTs), 50 percent of the 4.94 million CGTs of global orders placed during the period, according to the Ministry of Knowledge Economy.

Still the quarter’s results have been disappointing for S. Korea’s shipbuilding giants Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering. Their total orders for 29 ships valued at $7.21 billion was a 66.7 percent drop from the orders they had received for 94 ships worth $21.84 billion in the second quarter.

The sharp decline is attributed to the uncertainty triggered by the European debt crisis as well as the large number of new orders received during the year’s first half.

The results are impressive in light of the strong challenge mounted by China’s rising shipbuilding industry in recent years.