Korean shipyards regain top place in new orders

The nation’s shipbuilders won a combined 353,986 compensated gross tons (CGTs) in new orders last month, accounting for 56.7 percent of all global new orders.

Chinese shipbuilders took second spot with orders totalling 82,707 CGTs with a 13.2 percent share.

In terms of new orders, South Korean shipyards were overtaken by Chinese rivals last year. Chinese shipbuilders have gobbled up new orders at cheap prices, while South Korean shipbuilders have continued to focus on high-priced vessels and offshore facilities. Clarkson said South Korean shipbuilders’ combined order backlogs totalled 52.33 million CGTs, making up nearly 34.3 percent of global backlogs. Chinese rivals’ order backlogs reached 52.54 million CGTs, it said.