The Korea Herald


S. Korean shipyards rank 2nd in new global orders in May

By Yonhap

Published : June 7, 2023 - 11:44

    • Link copied

(123rf) (123rf)

South Korean shipbuilders fell far behind their Chinese rivals in new global orders to place second worldwide in May amid sinking demand, industry data showed Wednesday.

Local shipyards won a combined 510,000 compensated gross tons (CGTs) in new orders last month, accounting for 25 percent of the global total at 2.06 million CGTs, according to the data from global market researcher Clarkson Research Service.

The global total, or 79 vessels, was 36 percent lower than that from a year earlier.

Chinese shipyards far surpassed South Korean players, clinching 1.41 million CGTs in new orders, or 68 percent of the total.

Last month, South Korean shipbuilders clinched orders to construct 17 vessels, compared with Chinese rivals' 52 ships.

The data also showed the global order backlog reaching 111.3 million CGTs at the end of May, down 190,000 CGTs from a month earlier.

South Korea's order backlog stood at 39.1 million CGTs, or 35 percent of the total, with China's reaching 51.13 million CGTs with 45 percent.

Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, came to 170.1 points in May, up 10.03 points from a year earlier. (Yonhap)