South Korean major shipbuilders' newbuilding contracts have decreased by 40%, while delivery sharply increased by 53% in the first quarter, 2012.
The nine member shipyards from the Korea Shipbuilders' Association (Koshipa) - Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, Samsung HI, STX Offshore & Shipbuilding, Hyundai Samho HI, Hyundai Mipo Dockyard, Hanjin HI & Construction, ShinaSB Shipyard, Daesun Shipbuilding - contracted overall 51 vessels (46 export ships and five domestic ships) of a cumulative 1.73m cgt, $7.6bn in Q1 2012, down by 38% in cgt terms and by 29% in value terms on the same period last year.
As for their Q1 delivery, it stood at 125 vessels (121 export ships) of a combined 4.11m cgt, $11.6bn, up by 53% in cgt terms and 15% in value terms.
At the end of March, the nine shipbuilders' total orderbook reached 869 vessels (805 export ships) of a cumulative 31.15m cgt, $107.3bn, down by 12% in cgt terms but up by 7% in value terms, year on year.