Korea's major shipbuilders have secured their largest container ship order volumes in eighteen years, driven by demand for dual-fuel vessels and geopolitical uncertainty, reported Seoul's Chosun Daily.
HD Korea Shipbuilding and Offshore Engineering said it won an order for eight 13,400 TEU dual-fuel container ships for HMM worth 2.13 trillion won. This brings HD Hyundai's total container ship orders this year to 69 vessels totalling 720,000 TEU and valued at US$9.7 billion. It is the group�� biggest yearly intake since 2007.
Hanwha Ocean and Samsung Heavy Industries have also expanded their orderbooks. The three major Korean builders secured 191 vessels this year, of which 91 or 47.6 per cent, were containerships. Korean yards had previously been reluctant to chase these orders due to price competition from China, but tightening environmental rules have shifted market dynamics.
The IMO is demanding a 20 per cent cut in greenhouse gas emissions by 2030 from 2008 levels, with penalties for non-compliance. Shipowners are replacing older tonnage with more efficient models, especially dual-fuel ships able to run on LNG, ammonia or methanol as well as fuel oil. Korean builders, seen as leaders in eco-friendly propulsion, are benefiting from this shift.
Geopolitics has further boosted Korean orderbooks. The United States recently delayed new fees on China-built or China-owned ships, prompting owners to hedge against potential sanctions by favouring Korean yards. Industry officials also cited the Red Sea crisis and Houthi attacks on merchant ships, which have slowed logistics and increased demand for new container tonnage.
https://www.shippingazette.com/news?news_id=9251100000887
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