Korean Shipbuilding Industry takes 74% of Global Ship Orders in Feb returning to 1st Place

March 10, 2023

An LNG carrier built by Hyundai Heavy Industries

Korea returned as the world’s No. 1 country by beating China in competition for taking ship orders in February.

Global ship orders came in at 2.1 million CGT in February, said Clarkson Research, a British shipbuilding and shipping market analysis agency on March 7. By country, Korea claimed the first spot by winning orders for 1.56 million CGT , surpassing China which received orders for 170,000 CGT .

At the end of February, the global shipbuilding order backlog stood at 110.13 million CGT, up 530,000 CGT from the previous month. Korea accounted for 38.63 million CGT (35 percent) and China 49.01 million CGT (45 percent). Compared to January, Korea’s order backlog increased by 1.04 million CGT (3 percent), but that of China shrank by 1 percent to 520,000 CGT. Compared to the same period last year, Korea’s order backlog ascended by 21 percent and that of China by 11 percent.

The Clarkson Newbuilding Price Index sat at 163.69, up 8.96 points from the same period of 2022. By ship type, LNG carrier orders reached US$250 million, super tanker orders US$120 million, and super-large container ship orders US$215 million.

Source: BusinessKorea