South Korean media claims a significant gap exists between China and South Korea in shipbuilding. But can these figures truly serve as a mirror reflecting the reality?

Korean media: South Korea far behind China in shipbuilding orders, with just 7% share in August!

On October 15, the Korean newspaper *Sinhan Daily* published an article stating that global shipbuilding orders remained weak in August, with South Korea’s market share still confined to single digits. In contrast, China secured 85% of the orders, widening the gap significantly.

Data from Clarksons Research, a UK-based maritime market analysis firm, shows that total global ship orders in August amounted to 4.2 million CGT across 125 vessels—down 24% from 5.51 million CGT in the same period last year and a 29% decline from 5.95 million CGT in July.

By country, South Korea received orders totaling 310,000 CGT (10 vessels), accounting for 7% of the global total. China secured 3.59 million CGT (107 vessels), capturing 85% of the market—more than 11 times the volume received by South Korea.

However, when examining cumulative figures for the year, South Korea has seen a notable increase in order volume amid a broader surge in global shipbuilding demand.

From January to August, total global orders reached 59.72 million CGT (2,128 vessels), representing a 61% year-on-year increase from 37.19 million CGT (1,568 vessels) during the same period last year.

During this period, South Korea secured 9.38 million CGT (243 vessels), a 55% rise compared to the prior year, with its market share reaching 16%.

Meanwhile, China secured 45.39 million CGT (1,672 vessels), accounting for 76% of the global total—a 95% year-on-year increase in order volume.

China also continues to dominate in order backlog. As of the end of August, the global order book stood at 216.43 million CGT, up 1.05 million CGT from July.

By country, China accounted for 67% of the backlog, or 145.39 million CGT, while South Korea held 18%, equivalent to 37.96 million CGT.

Ship prices are trending upward. As of late August, the Clarksons Newbuilding Order Price Index stood at 186.34, up 0.85 points from 185.49 in July—an increase of 28% compared to 145.97 five years ago.

By vessel type, the price of liquefied natural gas carriers reached $248.5 million, ultra-large crude carriers were priced at $131 million, and large container ships in the 22,000–24,000 TEU range totaled $254 million.

Original article: toutiao.com/article/1879115998115978/

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