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S. Korean shipyards rank 1st in new orders for 4th straight month

According to Yonhap News,

By Nam Kwang-sik
SEOUL, Nov. 10 (Yonhap) -- South Korean shipbuilders ranked first in new global shipbuilding orders in October for a fourth straight month, far outpacing their Chinese rivals, industry data showed Tuesday.

According to the data provided by global market researcher Clarkson Research Service, Korean shipyards clinched new orders totaling 720,000 compensated gross tons (CGTs), taking up 69 percent of the 1.04 million CGTs ordered globally in October.

The South Korean shipbuilders were followed by Chinese shipbuilders with 250,000 CGTs, or 24 percent, and Finnish shipbuilders with 30,000 CGTs in the month. Global new orders of ships reached 11.56 million CGTs in the January-October period, down 48 percent from 22.40 CGTs a year ago.

In the first ten months of the year, Chinese shipbuilders obtained 5.22 million CGTs in new orders, or 251 ships, taking up 45 percent of the total new orders.

They were trailed by South Korean shipbuilders with 3.77 million CGTs, or 107 ships, Japanese shipbuilders with 1.05 million CGTs or 69 ships.

Global order backlogs declined by 560,000 CGTs, or 1 percent, to 67.34 million CGTs at the end of October from a year earlier.

Global order backlogs have been on a downward path since 80.82 million CGTs in January.

While Chinese and Japanese shipbuilders' order backlogs fell at the end of October from a month earlier, only South Korean shipbuilders' order backlogs rose, by 340,000 CGTs or 2 percent.

Chinese shipbuilders' order backlogs reached 24.31 million CGTs, or 36 percent of the total, followed by South Korean shipbuilders with 19.02 million CGTs and Japanese shipbuilders with 8.59 million CGTs.

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Source: Yonhap News (Nov 10, 2020)

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