Korea reclaims top spot for shipbuilding orders in October

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Korea reclaims top spot for shipbuilding orders in October

Published: 07 Nov. 2023, 13:08

KIM JU-YEON
[email protected]

A HD Hyundai ship sails on waters in August. [YONHAP]

Korea regained the top spot in shipbuilding orders for the first time in three months in October, according to industry data on Tuesday.

Korean shipyards clinched orders totaling 1.54 million compensated gross tons (CGTs) to build 18 ships, accounting for 62 percent of the global total of 2.49 million CGTs last month, according to London-based Clarksons Research Services.

The world total decreased 44 percent from the same month a year earlier.

China placed second with 820,000 tons to construct 34 vessels, taking up 33 percent of the global total.

Korea rose to the No. 1 place in July but lost the top position to China in the following two months.

In terms of order backlog, China topped the list with 59.06 million CGTs, or 48 percent of the global total at 122.58 million CGTs as of the end of October, which was down 410,000 CGTs from the month before.

Korea came second with 38.68 million CGTs, accounting for 32 percent of the world total.

The research service's newbuilding price index, a barometer of price changes in newly built ships, came to 176.03 points last month, up 14.06 points from a year ago.

BY KIM JU-YEON, YONHAP [[email protected]]