South Korea's three major shipbuilding companies have achieved nearly 87 percent of their yearly order targets thanks to a jump in orders for high-priced liquefied natural gas (LNG) carriers, government data showed Wednesday.
The top three shipyards -- Korea Shipbuilding & Offshore Engineering Co. (KSOE), Daewoo Shipbuilding & Marine Engineering Co. (DSME) and Samsung Heavy Industries Co. -- won a combined $30.52 billion worth of new orders in the first seven month of this year, or 86.9 percent of their combined yearly order target of $35.14 billion, according to the data from the industry, trade and energy ministry.
The tally was also up 2.2 percent from a year earlier.
By company, KSOE, the shipbuilding subholding company of Hyundai Heavy Industries Holdings, clinched orders worth $17.79 billion, slightly more than its yearly goal of $17.44 billion.
DSME's orders were worth $6.43 billion, or 72.3 percent of its yearly goal, with Samsung Heavy Industries garnering $6.3 billion, or 71.6 percent of its 2022 target.
K Shipbuilding Co. and three mid-sized shipbuilders bagged orders worth a combined $2.47 billion in the seven-month period, up 33.2 percent from a year earlier.
The ministry data also showed South Korean shipbuilders' order backlog soared 25.8 percent on-year to 35.86 million compensated gross tons (CGTs), rising for the 11th straight month.
It was far above the global order backlog increase of 9.2 percent during the period. China posted a 12.2 percent gain, while the tally for Japan fell 12.7 percent.
In July alone, local shipyards clinched 1.16 million CGTs in new orders, or 55 percent of the global total of 2.11 million CGTs.
Meanwhile, Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 161.57 in July, the highest since January 2009 and advancing for 20 months on end. (Yonhap)