S. Korea tops shipbuilding orders for 2nd month in June

(Image Courtesy: Nikkei Asian Review)

South Korea maintained the top spot in global shipbuilding orders for the second straight month last month, industry data showed Tuesday.

In June, local shipyards won orders totaling 340,000 compensated gross tons (GCTs) to build six ships, accounting for more than half of the orders placed around the globe, according to London-based Clarkson Research Services Ltd., the world’s leading provider of data for the shipping and shipbuilding industries.

Chinese shipbuilders bagged 240,000 CGTs in orders to build seven vessels, followed by Japan with five ships amounting to 90,000 CGTs.

In the first half of the year, South Korean shipbuilders secured orders totaling 3.17 million CGTs in 69 vessels for a 31 percent market share, the data showed. China topped the list with 4.32 million CGTs, or 176 ships, for 42 percent of the market, the data showed.

With the global shipping industry hit by the U.S.-China trade dispute, new shipbuilding orders in the first six months of the year dropped 42 percent from a year earlier to 10.26 million CGTs, the data showed.

In terms of order backlog, China topped the list, with 28.7 million CGTs (36 percent of the market) followed by South Korea with 20.62 million CGTs (26 percent), and Japan with 14.05 million CGTs (18 percent).

(Source: Yonhap)

Sea News, July 10

Baibhav Mishra
Author: Baibhav Mishra

Associate Editor, Sea News