Orders clinched by South Korean shipbuilders jumped significantly in the first nine months of the year from a year earlier, raising hopes that the shipbuilding sector is poised to recover down the road, the government said Thursday.

In the first nine months of the year, South Korean shipyards reaped orders for 10.9 million compensated gross tons, according to the Ministry of Trade, Industry and Energy.

The figure accounts for 36 percent of total global orders placed during the cited period but falls short of 11.7 million CGTs worth of orders clinched by Chinese shipbuilders.

Still, South Korea continued to maintain its status as the world’s top shipbuilding nation with the value of the orders won by its shipyards amounting to $30.36 billion, up 27.2 percent from a year earlier.

The total value of orders grabbed by Chinese shipbuilders came to $20.95 billion, according to the ministry. (Yonhap News)