By Rebecca Galanopoulos, senior content analyst, Veson Nautical
Using VesselsValue data, we break down the South Korean orderbook by number of vessels and market value, highlighting the top five owners within the orderbook, the percentage of the fleet being ordered with dual-fuel capabilities, and the top 10 owners based in South Korea.
Image credit: Veson Nautical
Within the South Korean orderbook, the LNG sector is the most valuable, worth US$71.3 billion and accounting for around 52 percent of the total South Korean orderbook value. This sector also has the highest volume of orders with 276 vessels on order.
Containers rank second with a market value of US$35.6 billion — equating to a share of 26 percent and 184 vessels on order. The LPG ranks third with a value of US$14.9 billion and 129 vessels on order, closely followed by the tanker orderbook which is valued at US$14.7 billion. Tankers surpass both LPG and containers in volume with 185 vessels scheduled to be built. Vehicle carriers rank fifth with a value of US$929 million and a total of eight vessels on order.
Image credit: Veson Nautical
CMA CGM is in first place with a total of US$8.09 billion on order, and they have the highest volume of orders consisting exclusively of 38 container vessels within the ULCV, New Panamax, and Post Panamax sectors.
In second place, NYK has a total of US$7.21 billion on order which includes 26 large LNG vessels of 174,000 CBM and three VLACs of 88,000 CBM. In addition to these vessels on order in South Korea, NYK has a further 56 vessels on order in Chinese, Japanese, and German yards, including additional orders for LNG, LPG orders, bulkers, and tankers.
Qatar Gas Transport ranks third in value with an orderbook worth US$6.9 billion, consisting of 29 vessels primarily of the large and Qmax LNG sectors.
Qatar Energy is ranked fourth with an orderbook value of US$6.52 billion, consisting of 25 large LNG vessels of 174-175,000 CBM.
With a total orderbook value of US$6.38 billion, Evergreen Marine Corporation ranks fifth. The 28 vessels on order are all new Panamax containers of 15,372 to 15,500 TEU or ULCVs of 24,000 TEU. They are followed by MOL with an orderbook value of US$5.62 billion and a total of 26 vessels on order.
Image credit: Veson Nautical
Of the vessels on order in South Korea, approximately 37 percent are being fitted with dual-fuel capabilities, with a market value of US$71.4 billion. With the exception of LNG carriers, which will always be dual fuel, this includes all vehicle carriers and Ro-Ro’s.
The second highest percentage is the container sector where 148 dual-fuel vessels have been contracted, equating to 80 percent of the orderbook. Approximately 50 percent of the LPG orderbook, or 64 vessels, will be built as dual fuel, with a market value of US$7.5 billion.
Image credit: Veson Nautical
Of the top owners in South Korea, taking into account both the live fleet and on order, HMM has the most valuable fleet worth an impressive US$11.9 billion and a total of 112 vessels spanning across the bulker, tanker, container, LNG and vehicle carrier sectors. This is a relatively modern fleet with an average age of eight years.
H Line Shipping are in second place with a fleet value of US$6.09 billion and 62 vessels. Pan Ocean ranks third with a fleet value of US$5.73 billion, coming in second for the largest fleet, with 126 vessels.
However, Sinokor, who rank fourth in terms of value, worth US$5.73 billion, have the largest fleet in terms of volume with 134 vessels. The average age of this fleet is slightly older, with an average age of 11 years, compared to HMM who top the board with a fleet value double that of Sinokor. More than half of this fleet in the container sector is just over 54 percent but also includes tankers, bulkers, and LNG.
South Korea’s shipbuilding industry remains a global leader, with a diverse orderbook dominated by LNG carriers, tankers, and containers. The shift towards dual-fuel vessels is significant, particularly in the container and LPG sectors.
Top owners like Qatar Energy, CMA CGM, and NYK are driving demand for large LNG and container vessels. South Korea’s fleet owners, including HMM and H Line Shipping, continue to lead in both fleet value and size, cementing the country’s pivotal role in the future of global shipping.
Photo credit: iStock/ AEKKARAT DOUNGMANEERATTANA
