Korean shipbuilders No. 1 in terms of global new orders

Korean shipbuilders took the top spot in global new orders in February, far outpacing their Chinese rivals, industry data showed Tuesday.

Local shipyards, led by Hyundai Heavy Industries, clinched 860,000 compensated gross tons (CGTs) in new orders last month, or 67 percent of the global total at 1.29 million CGTs, according to data provided by global market researcher Clarkson Research Service.

It represents the first time in three months that Korean shipbuilders have ranked first in global new orders.

Chinese shipbuilders garnered 340,000 CGTs, taking up 26 percent of the total. Japan came third with 40,000 CGTs, or 3 percent.

In the January-February period, Korea bagged new orders for 56 ships of 2.81 million CGTs, representing 55 percent of the global total at 5.12 million CGTs.

Chinese shipbuilders won orders for 61 ships of 2.01 million CGTs, taking up 39 percent of the total.

Global order backlogs came to 91.73 million CGTs at the end of February, down 560,000 CGTs from the previous month. Korea's order backlog expanded by 600,000 CGTs over the cited period, with that for China shrinking by 10,000 CGTs.

Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 154.73 in February, up 0.47 point from a month earlier and rising for 15 months on end, according to the data.
Yonhap