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Korean shipbuilders lag far behind Chinese rivals

Korean shipbuilders lag far behind Chinese rivals

South Korea was a distant second player after China in the first five months of the year as regards new shipbuilding orders, data showed.

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Chinese shipbuilders won new orders in the January-May period totalling 2.88 million compensated gross tons (CGTs) to build a total of 121 ships, accounting for 62 percent of total new orders, followed by South Korean shipbuilders with 900,000 CGTs, or 32 ships, according to data provided by global market researcher Clarkson Research Service.

Over the past three years, global new shipbuilding orders have fallen sharply in the January-May period, coming in at CGT 12.17 million in 2019 and CGT 4.69 million in 2020.

Chinese shipbuilders clinched 270,000 CGTs in May alone to build 13 ships, trailed by South Korean shipbuilders with 230,000 CGTs, or 8 ships, and Japanese shipbuilders with 50,000 CGTs, or 2.

Global new orders in May reached 570,000 CGTs, or 27 ships, down 60% from 1.41 million CGTs a month earlier

A rise in new orders in China has been attributed to the advance of the Chinese shipbuilders in winning new orders.

Maritime Business World 

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