The Korean shipbuilding industry has secured 94 percent of the global orders for LNG tankers, a high value-added ship, in the first half of this year.

According to Clarkson Research, a shipbuilding and shipping market analysis company in the U.K. on Sunday, orders for a total of 1,529,421 CGT of LNG tankers were placed worldwide in the first half of this year. The figure represents a 320-percent increase from the same period of last year (363,629 CGT). Korea secured a total of 1,433,562 CGT, or 94 percent of the total order. The construction of an LNG tanker requires advanced technology that enables the tanker to maintain an ultralow temperature of minus 163 degrees Celsius, while minimizing losses due to gasification. Korean shipbuilders are said to have unrivaled technological edge in this field.

Orders for LNG tankers will likely increase further in the second half. While shipbuilding orders were lackluster last year due to the Covid-19 pandemic, the market is enjoying a boom this year due to the distribution of vaccines and rising demand for eco-friendly ships stemming from the global trend towards carbon neutrality. Korea’s share of the global LNG ship market amounted to 98 percent in 2018, 94 percent in 2019, and 72 percent in 2020.

Source: Hellenic Shipping News