Korea shipbuilding lagging behind China

According to Clarkson Research Services and the shipbuilding industry, China posted 51.93 million cgt in order backlogs and accounted for 36.4% of the market share as of early October, the largest amount in its history. Meanwhile, Korea recorded 46.16 million cgt in backlogs and claimed 32.4% of the market, beaten by China by 4.0%p.

The gap between the amount of backlogs of Korea and China has been widening since last November when China overtook Korea for the first time by 0.9%, posting 1.5% in January, 2.0% in May and 2.8% in September.

In terms of new orders, China is far ahead of Korea with 10.73 million cgt (45.6%) in accumulation from January through September. Korea received 8.96 million cgt (38.1%) of new orders during the same period.

Korea owned 40.1% of the market in terms of orders, 4.3%p behind China (44.4%) as of last year. However, the gap widened to 7.5%p in nine months. Even in completion and delivery, China outstripped Korea by 1.2 million cgt, accumulating 13.28 million cgt (35.5%) as of September. Korea posted 12 million cgt.