Global shipbuilding orders in February saw China accounting for 80%, while South Korea held only 11%, with the backlog of orders continuing to rise.

Korean Media: In February, South Korea's Share of Global Shipbuilding Orders Was Only 11%, What About China?

On March 31, Korean media outlet JoongAng Ilbo published an article stating that data from Clarkson Research, a UK-based shipbuilding and shipping market analysis firm, shows global shipbuilding orders in February exceeded 5 million CGT, indicating sustained recovery in global order volumes.

Total global ship orders in February amounted to 5.21 million CGT across 163 vessels. This represents a 23% decrease compared to the previous month’s 6.76 million CGT, but a 15% increase compared to the same period last year (4.52 million CGT). By country, China accounted for 80% of the total—4.15 million CGT and 131 vessels—while South Korea held 11%—570,000 CGT and 17 vessels.

Cumulative global orders for January and February reached 11.97 million CGT across 359 vessels, marking a 29% year-on-year increase from last year’s 9.3 million CGT and 393 vessels. During the same period, South Korea secured 2.08 million CGT (50 vessels, accounting for 17%), while China obtained 8.69 million CGT (261 vessels, representing 73%). Both countries saw year-on-year growth of 52% and 80%, respectively.

As of the end of February, the global backlog of ship orders reached 183.56 million CGT, an increase of 1.45 million CGT from the previous month. China’s order backlog accounted for 62% of the total—114.56 million CGT—while South Korea’s backlog made up 20%—36.47 million CGT. Over the past month, China’s backlog increased by 1.22 million CGT, and South Korea’s by 140,000 CGT. Compared to the same period last year, China’s backlog grew by 15.73 million CGT, while South Korea’s increased by 160,000 CGT.

Ship prices remain high. As of the end of February, the Clarkson Newbuilding Order Price Index stood at 182.14, down 2.15 points from January’s 184.29. However, this index is still approximately 42% higher than the level five years ago (128.43). By vessel type, the average price of a liquefied natural gas (LNG) carrier is $248.5 million, an ultra-large crude oil tanker is $128.5 million, and an ultra-large container ship is $261 million.

Original article: toutiao.com/article/1861138425283657/

Disclaimer: The views expressed in this article are solely those of the author.