Seoul: On January 26, industry data revealed that three South Korean shipbuilders secured spots in the top 10 global rankings for new orders in 2024. Samsung Heavy Industries ranked fifth, while Hanwha Ocean Co. and HD Hyundai Samho Heavy Industries Co. placed sixth and seventh, respectively. The data, provided by Clarkson Research Services, indicated that the remaining seven positions were filled by Chinese shipyards.
China’s New Times Shipbuilding took the lead, followed by Hudong–Zhonghua Shipbuilding, New Yangzijiang, and Hengli Heavy Industry. Dalian Shipbuilding, Waigaoqiao Shipbuilding, and Jiangnan Shipyard occupied the eighth to tenth positions.
In terms of order backlog, South Korean companies dominated, with HD Hyundai Heavy Industries Co. leading globally at 8.93 million compensated gross tons (CGTs) as of January. Samsung Heavy Industries followed closely with 8.72 million CGTs, and Hanwha Ocean ranked third with 8.49 million CGTs. HD Hyundai Samho secured the sixth position in this category.
Industry insiders noted that these results reflect the strong performance of South Korean shipbuilders in securing large orders and maintaining substantial backlogs, ensuring steady production in the future.
Additionally, in December, Hanwha Group completed a $100 million acquisition of Philly Shipyard, a prominent U.S. shipbuilder specializing in commercial and government projects. The shipyard, now renamed Hanwha Philly Shipyard, was established in 1997 on the site of a former U.S. Navy shipyard in Philadelphia. It focuses on constructing coastal transport vessels and has provided around 50% of large commercial vessels subject to the U.S. Jones Act, including petrochemical carriers and container ships. Hanwha Philly Shipyard aims to create numerous local jobs, enhance the yard’s capabilities, and expand into new markets.