2024: Korean shipbuilders secure multiple VLCC orders amid supply shortage, surpassing China's intake.

In 2024, Korean shipbuilders are actively bidding for Very Large Crude Carriers (VLCCs) amid a supply shortage, with HD Korea Shipbuilding and Hanwha Ocean securing two orders each in February, marking the first time in three years. The surge in orders is driven by VLCC prices approaching the $90 million break-even point. This resulted in Korea overtaking China in ship order intake in February, securing 1.71 million CGT (28 ships) in the global market.

March 10, 2024
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