Since South Korean shipyards pave the way as the top shipbuilders, China follows second, receiving orders of 9.15 million CGTs whereas Japan received orders for 3.6 million CGTs.
Additionally, the orders for LNG carriers have experienced an increase at an unprecedented rate, resulting to South Korean shipbuilders reach the top in the shipbuilding industry. For instance, Samsung Heavy Industries announced on December 31 that it had received an LNG carrier order worth around $190 million.
Consequently, South Korean shipyards perform well as LNG carrier orders increase.
Moreover, the shipyard's orders during 2018 reached the 49 vessels. That includes 18 LNG carriers, 13 container ships, 15 tankers and 3 special purpose ships. As stated by Clarkson Research, the shipbuilder aspires to keep $8.2 billion worth of orders this year.
Clarkson Research suggests that LNG carrier orders globally are to reach 69 in 2019, more than 65 from 2018 and 17 in 2017.
The demand for LNG use seems to be growing in China, as well as the adoption of the LNG as an eco-friendly fuel. To this result, 63 LNG carriers are expected to be ordered on average annually from 2020 to 2027.
As Yonhap news agency addressed, South Korea's three biggest shipbuilders, Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME), achieved their order targets for 2018. Hyundai Heavy received orders valued at $13.3 billion, Samsung Heavy Industries $5.7 billion and DSME $6.81 billion.
Concluding, Clarkson Research data reveals that China has the largest order backlog, 29.14 million CGTs, followed by South Korea with 20.9 million CGTs and Japan with 13.91 million.