NYK Line and JP Morgan have the largest newbuilding orderbooks by value at yards in South Korea, the latest research from VesselsValue shows.
The Japanese shipowning giant has orders worth $7.62bn, while the US investment bank, via its Global Meridian Holdings affiliate in Bermuda, has orders amounting to $6.07bn.
NYK Line’s top spot is due to its huge LNG carrier newbuilding programme in South Korea, which currently numbers 29 of the 174,000-cbm vessels.
Similarly, JP Morgan has 23 LNG carriers of 174,000 cbm each on order at South Korean shipbuilders, according to VesselsValue.
Evergreen Marine’s massive container ship newbuilding programme of 34 vessels puts it in third place based, with an orderbook at $5.9bn. The vessels are panamaxes of 15,000 teu to 15,500 teu.
Japanese shipowning giant Mitsui OSK Lines sits in fourth place with an orderbook amounting to $5.56bn from 21 LNG carriers of 174,000 cbm each.
Rounding out the top five is Idan Ofer-backed Eastern Pacific Shipping with an orderbook at South Korean yards worth $4.85bn.
The Singapore-based shipowner is said to have 18 vessels booked in South Korea consisting of container ships and LPG carriers, according to VesselsValue.
French liner giant CMA CGM has the highest number of ships on order in South Korea, with a total of 38 container vessels ranging from sub-panamaxes of 2,000 teu to new panamaxes of 13,000 teu worth a total of $3.83bn.
Of the top owning nations within the South Korean orderbook, Greece ranks first both by number of vessels and total value comprising 124 vessels on order and a total value of $18.99bn.
Sea Traders has the largest orderbook in terms of volume, with 22 panamax bulkers, followed by Evalend Shipping with 21 vessels including VLGCs, handysize bulkers, suezmaxes and LR1 tankers and large LNG vessels. Dynacom Tankers has 19 ships, ranging from VLCCs to LR2s.
South Korea ranks second with 113 vessels on its orderbook and a market value of $17.1bn, while Japan is in third place with 84 vessels on order, worth $15.58bn.
VesselsValue says container ships are the most popular vessels on order in South Korea, with a total of 263 units, worth a total of $34.2bn.
“LNG carrier orders account for 249 of the vessels currently on order at South Korean shipyards, and they represent the most significant segment in terms of value, with an orderbook totalling $66.3bn.
Tankers ranked third with a total of 135 ships worth $10.3bn, while LPG carriers are in fourth place with 67 vessels worth $6.64bn in total.
VesselsValue said the LNG orderbook has seen an extraordinary increase in value over the past two years, exceeding record highs at the end of the third quarter of 2022 and continuing to rise since then.
Sky high values
“The contract price of a newbuild large LNG vessel of 174,000 cbm has risen by 26.37% since October 2021, from $203.83m to $257.74m,” it said.
“Since October 2021, there have been 285 LNG vessel orders globally, which equates to 27.4% of the live fleet.
“This is due to improved demand fundamentals that have resulted from the ongoing conflict between Ukraine and Russia.
“Despite a relatively small live fleet of 1,039 vessels, soaring global demand for LNG has sent values sky high, with the fleet value for LNG carriers currently at $190bn,” it added.
