S. Korean Shipbuilders Rank 2nd in New Global Orders in Oct. | Be Korea-savvy

S. Korean Shipbuilders Rank 2nd in New Global Orders in Oct.

Hyundai Heavy Industries Co.'s shipyard in Gunsan on the southwest coast (Yonhap)

Hyundai Heavy Industries Co.’s shipyard in Gunsan on the southwest coast (Yonhap)

SEOUL, Nov. 8 (Korea Bizwire)South Korean shipbuilders lagged far behind their Chinese rivals in terms of new global orders in October to take the No. 2 spot in the world, industry data showed Tuesday.

Local shipbuilders won a combined 1.43 million compensated gross tons (CGTs) in new orders last month, accounting for 42 percent of the 3.41 million CGTs of total global orders, according to data provided by global market researcher Clarkson Research Service.

The global total was up 19 percent from a year earlier.

Chinese shipyards far outpaced South Korean players, winning 1.8 million CGTs in new orders, representing 53 percent of the total.

In the January-October period, new shipbuilding orders around the globe came to 34.75 million CGTs, down 28 percent from the same period a year earlier.

China took the top position with 15.81 million CGTs, or 46 percent of the world total, with South Korea recording 14.65 million CGTs with 42 percent.

In light of the figures, industry watchers said it is unlikely that South Korea will take the top spot in new orders for the year.

Global order backlogs amounted to 104.7 million CGTs at the end of October, up 860,000 CGTs from a month earlier.

South Korea’s order backlog stood at 36.75 million CGTs, or 35 percent of the total, with China’s reaching 44.89 million CGTs with 43 percent.

Clarkson’s Newbuilding Price Index, a barometer of price changes in newly built ships, edged down to 161.96 points last month from 162.27 points in September, the first drop in 22 months.


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