Korean Shipbuilders Secure 60% of Global Ship Orders in September... Worldwide Orders Down 57% Year-on-Year

Hyundai Heavy Industries dock view.

[Asia Economy Reporter Jeong Dong-hoon] The Korean shipbuilding industry has secured about 60% of the total ship orders.

According to Clarkson Research, a shipbuilding and shipping market analysis firm, global ship orders last month amounted to 2.17 million CGT (Compensated Gross Tonnage - standard tonnage conversion, 56 vessels), which is a 57% decrease compared to the same period last year.

The Korean shipbuilding industry won orders for 1.32 million CGT (22 vessels), holding a 61% market share and ranking first. China followed with 550,000 CGT (27 vessels, 25%) in orders.

The cumulative orders from January to September totaled 30.34 million CGT, down 32% from the same period last year. Korea and China secured 13.22 million CGT (239 vessels) and 13.27 million CGT (524 vessels), respectively, each holding a 44% market share.

As of the end of last month, the global order backlog stood at 102.58 million CGT, down 600,000 CGT from the previous month. By country, China accounted for 43.34 million CGT (42%) and Korea 36.06 million CGT (35%).

Meanwhile, the Clarkson Newbuilding Price Index recorded 162.27 points, setting a new record high once again. The Newbuilding Price Index has been on the rise for 21 consecutive months since December 2020. By ship type, the price of liquefied natural gas (LNG) carriers over 174,000 m³ increased from 240 million dollars to 244 million dollars.