How many keels laid down – and by whom?
An overview of new ships on order in South Korea. The euphoric years of 2021 and 2022 are over for shipowners, but their effects in the form of newbuildings are now only gradually reaching the market. An analysis of the order backlog in South Korea was recently carried out by Veson Nautical.
Shipping lines have initiated many orders for new shipping capacities of late, especially in South Korea, home to some of the largest shipyards in the world, with the years 2021 and 2022 particularly busy. Rebecca Galanopoulos Jones, an analyst at Veson Nautical, has analysed the backlog in the market for newbuildings.
Most of the orders placed for newbuildings in South Korea are for containerships, with a total of 263 such vessels on order, followed by 249 LNG, 135 oil and 67 LPG carriers. “LNG tankers are the category with the highest growth in value. They’re worth approximately USD 34.2 billion,” Jones elaborated.
With an order backlog of 29 large LNG vessels ordered in South Korea, NYK ranks first in the list of investors by market value. It has another 32 vessels on order in Japanese and Chinese shipyards. The the 23 large LNG vessels ordered by Global Meridian Holdings, part of JP Morgan Asset Management, put it second, with Evergreen in third place, with 34 panamax newbuildings (approximately 15,500 teu).
MOL, in fourth place, has 21 LNG units under construction. Eastern Pacific Shipping, from Singapore, follows in fifth place, with 18 containerships and LPG tankers on order in South Korea.
CMA CGM has most vessels on order in South Korea – 38 containerships with the capacity to carry 2,000 – 13,000 teu and a market value of USD 3.83 billion.
A great wave is coming.