South Korean Shipyards Redeem Top Position in New Orders

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Image if for representational purposes only. Courtesy: Business Korea

On Tuesday, industry data revealed that South Korean shipyards are again at the top position with regard to new orders.

In the first eight months of the year, China ranked first with orders worth 4.22 million CGTs or 195 vessels, followed by South Korea with 3.48 million CGTs or 104 ships.

Data compiled by global research firm, Clarkson Research Institute, revealed that the local shipyards received new orders worth a combined 130,000 compensated gross tons last month to build nine vessels.

Despite a plunge in overall numbers, they have managed to redeem top position when compared with Chinese rivals who are not far behind with 110,000 CGTs that amount to 7 ships. Japan followed with orders wort 40,000 CGTs equalling 2 ships.