Korean shipbuilder lag behind Chinese rivals in April orders

Korean shipbuilders lost their No. 1 ranking to Chinese rivals in terms of new orders in April, nine months after taking the top spot since July, industry data showed Tuesday.

Korean shipbuilders led by Hyundai Heavy Industries obtained new orders of 34 ships, or 1.19 million compensated gross tons (CGTs), falling behind their Chinese rivals with 53 ships, or 1.64 million CGTs, according to the data provided by global market researcher Clarkson Research Service.

Korean shipbuilders were trailed by Finland's shipbuilders, which won two ships, or 80,000 CGTs.

Of a total of 98 ships, or 3.05 million CGTs, ordered across the globe in April, Chinese shipbuilders took up 54 percent, and Korean shipbuilders accounted for 39 percent of the total.

In the period between January and April, the cumulative orders more than doubled to 15.43 million CGTs, up three times compared with 2016, when the global shipbuilding industry suffered the worst depression ever.

During the four-month period, Chinese shipbuilders bagged orders of 248 ships, or 7.05 million CGTs, and Korean shipbuilders won orders of 35 ships, or 6.82 million CGTs. Japanese shipbuilders obtained orders of 35 ships, or 1.03 million CGTs.

Global order backlogs rose by 950,000 CGTs, or 1 percent, to 76.95 million CGTs in April from March.

Chinese shipbuilders' order backlogs reached 28.98 million CGTs, or 38 percent of the total, followed by Korean shipbuilders with 24.72 million CGTs and Japanese shipbuilders with 8.37 million CGTs.

Compared with a year ago, Korean shipbuilders' order backlogs rose 16 percent, or 3.39 million CGTs, and Chinese shipbuilders' order backlogs gained 1 percent, or 390,000 CGTs, in April, while Japanese shipbuilders fell 30 percent, or 3.5 million CGTs.

Clarkson's Newbuilding Price Index, indicating price changes in newly built ships, was up 4 points to 134 points in April.

Yonhap