Korean Media: South Korea's Shipbuilding Orders Surged 8-Fold Year-on-Year in May, Closing the Gap with China Significantly!
On June 21, Korean media outlet Newsis published an article stating that shipbuilding orders received by South Korea in May increased approximately 8-fold compared to the same period last year.
South Korea's shipbuilding industry is rapidly narrowing the gap with China by selectively ordering high-value-added vessels.
Data released by Clarkson Research, a UK-based maritime market research firm specializing in shipbuilding and shipping, shows that global ship orders in May totaled 4.52 million CGT across 147 vessels—a 91% increase compared to the same month last year.
South Korea secured orders for 1.99 million CGT across 34 vessels, ranking second globally behind China’s 2.11 million CGT and 97 vessels.
From January to May this year, cumulative global ship orders reached 33.56 million CGT across 1,108 vessels, up 62% from 20.66 million CGT and 863 vessels during the same period last year.
As of the end of May, the global backlog of ship orders stood at 200.2 million CGT, an increase of 3.79 million CGT compared to April of last year.
Meanwhile, South Korea’s ship order backlog amounted to 37.06 million CGT, accounting for 19% of the global total.
China’s ship order backlog reached 129.43 million CGT.
By the end of May, Clarkson’s newbuilding price index rose to 185.01, up 1.6 points from April’s 183.41 this year.
Following last year’s trend, ship prices continue to rise this year, and the improvement in profitability for the shipbuilding industry is expected to persist.
Original source: toutiao.com/article/1868606407717900/
Disclaimer: The views expressed in this article are solely those of the author.