Korean Media: Global Shipbuilding Orders Increased in March, South Korea Closes the Gap with China!

On May 9, Korean media outlet JoongAng Ilbo published an article stating that since the beginning of March, as global ship orders have shown signs of recovery, South Korea's shipbuilding industry is regaining momentum. Although China still maintains a high market share, the previous gap between the two nations is rapidly narrowing.

Data from Clarkson Research, a UK-based maritime and shipping market analysis firm, shows that total global ship orders in March reached 4.06 million CGT across 135 vessels, representing an increase of approximately 31% compared to March of last year.

Among them, South Korea secured orders totaling 1.59 million CGT and 38 vessels, accounting for 39% of the total. China obtained 2.15 million CGT and 84 vessels, capturing a market share of 53%. Considering that just one month ago, their respective shares were 11% and 80%, the difference has now significantly narrowed.

From January to March this year, cumulative orders totaled 17.58 million CGT and 554 vessels, up 40% compared to the same period last year. China’s cumulative orders amounted to 12.39 million CGT and 399 vessels, making up 70% of the total—up 91% year-on-year. South Korea’s cumulative orders stood at 3.57 million CGT and 85 vessels, representing 20% of the total—up 54% year-on-year.

As of the end of March, global backlogs reached 189.98 million CGT, an increase of 3.56 million CGT from the previous month. By country and region, China had the largest backlog at 120.95 million CGT (64%), while South Korea’s backlog was 36.35 million CGT (19%).

Additionally, the Clarkson Newbuilding Price Index saw a slight decline month-on-month, reaching 182.07 points. By vessel type, the price of liquefied natural gas (LNG) carriers stood at $248.5 million, ultra-large crude carriers (ULCCs) at $129.5 million, and ultra-large container ships at $260 million.

Original source: toutiao.com/article/1864672581115904/

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