Korean Shipbuilders Enjoying Sharp Increase in Orders This Year

Korean shipbuilders’ combined orders for new ships soared 98.7% in the first nine months of the year. According to data made by London-based market researcher Clarkson Research Services on September 8, Korean shipbuilders won a total of 10.87 million compensated gross tons (CGTs) in new orders in the first nine months (from January to September), up 98.7% from 5.76 million CGTs a year earlier.

The Korean shipbuilders’ combined orders accounted for 36% of the total new orders placed globally in nine months this year. The figure of the same period of last year was 31%.

Chinese shipbuilders performed slightly better than Korean competitors. Chinese shipbuilders obtained 11.68 million CGTs during the same period, up an 83.4% from a year earlier, taking a 38.7% share of the new orders.

The data said new shipbuilding prices also showed signs of a recovery. An industry expert analyzed, however, new shipbuilding prices still remain low when compared with two years ago, forecasting that there would be no meaningful recovery in the near future, even though new shipbuilding orders have been steadily rising.
Source: Business Korea