Korean Media: Global Shipbuilding Orders Increase, South Korea and China in Opposite Trends!
On April 4, the Korean media outlet Korea Economic Daily published an article stating that although global new shipbuilding orders increased by 15% year-on-year in February, South Korean shipyards secured only 11% of the total orders. In contrast, China captured a staggering 80% market share during the same period, thanks to advantages such as price competitiveness.
Data from Clarkson Research, a UK-based maritime market analysis firm, shows that global new shipbuilding orders in February reached 5.21 million CGT (163 vessels), a 15% increase compared to 4.52 million CGT in the same period last year.
Of the total global new orders in February, South Korea accounted for 570,000 CGT (17 vessels), or 11% of the market; China secured 4.15 million CGT (131 vessels), capturing 80% of the market share.
Cumulative new orders from January to February this year totaled 11.97 million CGT (359 vessels), up 29% from 9.3 million CGT (393 vessels) during the same period last year.
Among them, South Korea secured 2.08 million CGT (50 vessels), representing 17% of the market; China secured 8.69 million CGT (261 vessels), accounting for 73%. Data indicates that South Korea’s cumulative orders rose 52% year-on-year, while China’s orders surged 80% year-on-year during this period.
As of the end of February, global shipyard order backlogs increased by 1.45 million CGT compared to the previous month, reaching 183.56 million CGT. At this point, South Korea’s order backlog stood at 36.47 million CGT, or 20% of the total, while China’s backlog reached 114.56 million CGT, accounting for 62%.
South Korea’s and China’s order backlogs both grew by 140,000 CGT and 1.22 million CGT respectively from the previous month. Compared to the same period last year, South Korea’s backlog increased by 160,000 CGT, while China’s jumped by 15.73 million CGT.
As of the end of February this year, the Clarkson Newbuilding Order Price Index decreased by 2.15 from the previous month, reaching 182.14, showing a downward trend.
Original source: toutiao.com/article/1861528809447500/
Disclaimer: The views expressed in this article are solely those of the author.