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South Korean Shipbuilders Overtake Chinese Rivals in May

Clarksons Research announced on June 7 that global new shipbuilding orders added up to 2.5 million CGT (57 ships) last month and 48 percent, 34 percent and 17 percent of the orders went to South Korean, Chinese and Japanese shipbuilders, respectively.

In April, Chinese shipbuilders’ proportion was 55 percent (2.89 million CGT) whereas that of South Korean shipbuilders was 38 percent (1.15 million CGT). Last month, however, the rankings changed as the latter won a number of contracts in the LNG carrier and large container carrier segments.

When it comes to the first five months of this year, South Korean and Chinese shipbuilders’ new contracts totaled 7.34 million CGT and 7.16 million CGT, respectively. As for the five-month period, the former beat the latter for the first time since 2018. At present, the total order backlogs of China, South Korea and Japan are 41.58 million CGT, 33.65 million CGT and 9.65 million CGT, respectively.
The Clarksons Newbuilding Price Index rose for the 18th consecutive month and reached 160.07 last month, the highest since February 2009. The LNG carrier index rose US$3 million to US$227 million and the indices of container carriers and very large crude carriers rose, too.
Source: Business Korea

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