ANN/THE KOREA HERALD – South Korea emerged as the world leader in new global shipbuilding orders in January, surpassing its closest rival, China, according to industry data released.
South Korean shipyards secured orders amounting to 900,000 compensated gross tonnes (CGTs) for 13 ships, accounting for a dominant 62 per cent of the global total, which stood at 1.46 million CGTs for the month, according to London-based market tracker Clarkson Research Services.
China, traditionally a strong competitor in the sector, ranked second with 270,000 CGTs for 21 vessels, capturing 19 per cent of the global market. The remaining shipbuilding orders were spread across other nations.
The latest figures highlight a sharp turnaround for South Korea’s shipbuilding industry. In December, the country accounted for only six per cent of new orders, while China commanded an overwhelming 82 per cent of the market. The significant rebound underscores South Korea’s competitive edge in high-value shipbuilding, particularly in the construction of environmentally friendly and technologically advanced vessels such as liquefied natural gas (LNG) carriers.
Despite South Korea’s strong performance in January, China continues to hold the largest share in terms of order backlog. As of the end of December, Chinese shipbuilders had a total of 91.51 million CGTs in pending orders, representing 58 per cent of the global backlog of 156.79 million CGTs. This figure, however, marked a slight decrease of 1.32 million CGTs from the previous month.
South Korea, meanwhile, maintained its position as the second-largest player in the shipbuilding backlog, with 37.02 million CGTs, making up 24 per cent of the global total.
The shipbuilding industry has also witnessed a steady increase in prices for newly built vessels. Clarkson’s Newbuilding Price Index, which tracks changes in ship prices, stood at 189.38 in January, reflecting a 0.22-point increase from a year earlier.
The index’s upward trend suggests continued demand and rising costs in the global shipbuilding market.
South Korea’s strong showing in January further solidifies its reputation as a leader in producing high-quality, specialised ships, a key factor in its competition with China.
Industry experts anticipate continued growth for South Korean shipbuilders, particularly as demand for eco-friendly and advanced shipping solutions rises in response to tightening global environmental regulations.
