The Ministry of Trade, Industry and Energy of Korea and the Korea Offshore & Shipbuilding Association have announced that Korean shipyards inked contracts of a combined 2.56m cgt in the first quarter of 2013, up by 22.5% compared to the same time period last year and accounting for 39% of global new order.
Particularly, orders for medium-sized tanker (ranged around 50,000 dwt) grew, as its eco-friendly and fuel-efficiency features have been acknowledged by shipowners that Korean shipyards won orders of 1.03m cgt, 57% of total tankers (1.8m cgt) ordered globally.
Moreover, eight LNG carriers, one drillship and one offshore plant (LNG-FSRU) ordered globally in the first quarter were all placed at Korean shipyards that it is reconfirmed that Korean shipbuilders are predominating in eco-friendly and high-value vessels.
But, it is worth noticing that ship prices fell against the same quarter in 2012 and orders for high-value vessels which are Korea’s major vessel types, for example, offshore plant, LNG carriers and etc., were said to be weaker that a total of $5.68bn worth of orders were recorded, down by 31.8% in value terms.  
Domestic shipyards in Korea delivered a combined 3.49m cgt, showing a decline by 24.7% year-on-year, but taking 36% of the global deliveries in the first quarter of 2013, while orderbook was recorded to be 28.15m cgt as of the end of March (30.9% of the global orderbook), down by 21.5% from the same time last year.  
In the first quarter of 2013, Korea exported ships, offshore plants and ship equipment, worth estimated $89.92m, a decline by around 26% compared to the same time period in 2012.
As deliveries completed for ships awarded after the second half of 2008, both prices of ships ordered from foreign shipowners and volumes decreased year-on-year and high-value vessels, such as drillship and etc., were relatively weak from the same time last year that earnings from ship exports reduced.
Vessels ordered globally in the first quarter of 2013 were recorded to be a combined 6.6m cgt, showing a 13.8% increase against the same quarter of 2012 amid continued contraction of ship finance, caused by fleet oversupply and European financial crisis.
This figure represents a 37.8% decline from 10.61m cgt of the first quarter of 2011. In terms of possibility of recovery in shipbuilding industry, it is suggested to wait and see a future trend of global shipbuilding market because fleet oversupply is still continuing although there are no fundamental factors behind increasing demands, such as a recovery in shipping economy.
However, it is explained that several factors are at work, for instance, a recent rise of demands in eco-friendly and high-efficient vessels and low prices of ship continuing.
Global newbuilding deliveries in the first quarter were calculated to be a combined 9.57m cgt, a 29.2% decrease from the same period in 2012 while an orderbook as of the end of March were recorded to be 91.11m cgt, down by 24% from the same time of 2012.  
Newbuilding price index which showed a falling move after the end of 2008 had bounced back temporarily in March 2010 and then kept decreasing from June 2011, however has remained at the level of 126 point from November 2012.