This Year's Container Ship Orders Reach Record High

[Asia Economy Reporter Choi Dae-yeol] The number of container ships ordered worldwide up to last month this year has reached the highest level ever recorded.

According to data from Clarkson Research, a shipbuilding and shipping market analysis firm, container ships ordered from January to August this year totaled 15.07 million CGT (Compensated Gross Tonnage - equivalent to 386 vessels). This is the highest level since Clarkson Research began compiling data in 1996. Even during the shipbuilding boom in 2007, the figure was 13.21 million CGT.

Compared to last year, when orders were at a record low of 1.16 million CGT due to COVID-19, this represents an increase of about 1200%. The industry attributes this surge to the global increase in cargo volume reflecting expectations of economic recovery and soaring maritime freight rates. The growing demand for eco-friendly ships, driven by environmental regulations set to take full effect from the year after next, also played a role.

Riding the wave of container ship orders, South Korea’s ‘Big 3’ shipbuilders?Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Daewoo Shipbuilding & Marine Engineering?have secured orders for 57, 38, and 16 vessels respectively so far this year. As container ships have become insufficient relative to the increased cargo volume, the prices of used vessels have also risen. The Clarkson Secondhand Ship Price Index increased by 160% between October last year and last month. It is reported that over 300 large container ships with a capacity of more than 10,000 TEU were ordered last month.

This content was produced with the assistance of AI translation services.