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China has been boosting state support for its shipbuilding industry and it outpaced Korea for the second month in a row in terms of new orders. Korean industry insiders say the phenomenon reflects just a temporary rise in new orders for low-cost bulk carriers, but the growth is concerning.
According to data from London-based market researcher Clarkson Research Studies, China received 3.8 million compensated gross tons (CGT) of new orders in January and February, taking almost half of the world's 7.8 million CGT in new orders during the period.
China's orders were nearly double the 2 million CGT in new orders that Korea received, for a rise of 48.9 percent from the same period last year.
Chinese shipbuilders have taken so many new orders because Korean shipbuilders, which have already secured work for the next three years, are focusing on winning orders for high-value ships. Meanwhile international shippers are placing orders for bulk carriers before an expected price rise. The number of new orders for bulk carriers increased more than 70 percent compared to the same period last year.
(englishnews@chosun.com )
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