Korea Falls Behind in October Ship Orders... Widening Gap in Cumulative Orders

[Asia Economy Reporter Oh Hyung-gil] South Korea, which ranked first in ship orders last month, has ceded its position to China after just one month.

According to Clarkson Research, a UK-based maritime and shipping market specialist, South Korea accounted for 1.43 million CGT (22 vessels), representing a 42% share of the global ship orders totaling 3.41 million CGT (75 vessels) in October.

During the same period, China secured 1.8 million CGT (32 vessels), achieving a 53% share and taking first place.

As a result, the annual order volume gap between China and South Korea has widened again. From January to October, the cumulative global order volume was 34.75 million CGT, with South Korea accounting for 14.65 million CGT (261 vessels), or 42%, while China recorded 15.81 million CGT (570 vessels), or 46%.

The backlog of orders at the end of October increased by 860,000 CGT compared to the previous month, reaching 104.7 million CGT, with South Korea holding 36.75 million CGT (35%) and China 44.89 million CGT (43%).

Compared to the previous month, South Korea's backlog increased by 780,000 CGT (2%), and China's by 590,000 CGT (1%).

Meanwhile, the Clarkson Newbuilding Price Index stood at 161.96 at the end of October, up 9.68 points compared to the same period last year. By ship type, LNG carriers were priced at $248 million, ultra-large crude carriers at $120 million, and ultra-large containerships at $215 million.

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