South Korean shipbuilders secured nearly 40 percent of the global market in new ship orders during the first quarter although the monetary value of orders dropped.
The Ministry of Trade, Industry and Energy in Seoul says domestic shipyards won orders for more than two-point-five million compensated gross tons (CGTs) from January to March, up more than 22 percent from a year ago. The figure accounts for 39 percent of all global orders placed in the first quarter.
The ministry notes Korean firms won 57 percent of tanker ship orders as mid-sized tankers are recognized as eco-friendly, fuel-efficient vessels.
However, the monetary value of orders won by Korean shipbuilders fell 32 percent from last year to five-point-seven billion dollars in the first quarter.
This is believed to be due to a drop in the average price of ships and a fall in global demand for high-value added ships such as LNG carriers and maritime plants, which are South Korea's staple products.