Korea seeks to further cement its position as the world's largest shipbuilding nation with its shipyards expected to win orders worth $54 billion this year, the government said Thursday.
That figure would mark a 12.1 percent gain from last year's total orders worth $48.16 billion, according to the Ministry of Knowledge Economy.
"The country's shipbuilding industry will be able to continue leading the global market in 2012 as orders for off-shore plants and LNG (liquefied natural gas) ships are expected to increase," the ministry said in a press release.
South Korea regained its status as the world's leading shipbuilder from China last year by capturing 48.2 percent of all contracts placed globally, up from a 31.2-percent share in the previous year.
The country's shipbuilders also secured 77 percent of all globally placed orders for off-shore drill ships and 84 percent of all LNG ships in 2011, the ministry said.
The gain by South Korean shipyards came despite a 30.5 percent drop in globally placed ship orders in terms of weight. Total orders placed fell to 28.11 million compensated gross tons.
The ministry said this year's growth will again be led by off-shore plants, including drill ships, with South Korean yards expected to secure orders worth $18.5 billion. (Yonhap)