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S. Korean shipyards rank 2nd in new global orders in April

May 8, 2023

South Korean shipyards lagged far behind their Chinese rivals in terms of new global orders to place second in the world in April amid plunging demand, industry data showed Tuesday.

Local shipbuilders clinched a combined 380,000 compensated gross tons (CGTs) in new orders last month, taking up 20 percent of the global total at 1.85 million CGTs, according to the data by global market researcher Clarkson Research Service.

The global total was down a whopping 62 percent from a year earlier.

Chinese shipyards far outpaced South Korean players, bagging 1.41 million CGTs in new orders, or 76 percent of the total.

Last month, South Korean shipbuilders won orders to build 13 vessels, compared with Chinese rivals’ 62 ships.

The data also showed the global order backlog reaching 111 million CGTs at the end of April, down 380,000 CGTs from a month earlier.

South Korea’s order backlog came to 38.45 million CGTs, or 35 percent of the total, with China’s standing at 50.08 million CGTs with 45 percent.

Clarkson’s Newbuilding Price Index, a barometer of price changes in newly built ships, amounted to 167.32 points in April, up 9.54 points from a year earlier.