Korea Reclaims No. 1 Spot in Global Orders for New Ships

  • By Jeon Soo-yong

    June 13, 2017 10:41

    Korean shipbuilders have overtaken their Chinese rivals to claim the top spot in year-to-date global vessel orders.

    Clarkson Research Services of the U.K. said Monday that Korean shipbuilders' orders amounted to 2.07 million compensated gross tons during the first five months of this year, accounting for 31 percent of new vessel orders placed around the world.

    That marks a 350-percent increase from the same period of last year, when their orders hit a record low. In contrast, Chinese and Japanese shipbuilders saw a 25 percent and 14 percent dip.

    The rebound for Korea was mostly attributed to a recovery in demand for large oil tankers, a mainstay of domestic shipbuilders.

    Korean shipbuilders also saw their order backlog increase by 150,000 CGT from April to 17.49 million CGT in May, the first rise in 20 months. The order backlog had been decreasing since October 2015, as new orders lagged deliveries.

    Total global vessel orders in May stood at 1.66 million CGT, more than double the April figure (850,000 CGT) and signaling a recovery for the international shipbuilding market. Cumulative vessel orders through May were up about 11 percent on-year. 

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