Ship Orders Slowed Last Month... Korea 38% · China 53% Market Share

Global ship orders in the first month of the new year were weaker than last year. South Korea secured orders slightly below those of China.

According to Clarkson Research, a UK-based maritime and shipping market specialist, global ship orders in January this year totaled 96 vessels, amounting to 2.57 million CGT (Compensated Gross Tonnage). This represents a 2% increase compared to the previous month (2.52 million CGT), but a 26% decrease compared to the same period last year (3.48 million CGT).

[Image source=Yonhap News]

By country, South Korea secured 970,000 CGT (32 vessels, 38%), while China secured 1.36 million CGT (41 vessels, 53%).

As of January, the global order backlog stood at 125.6 million CGT, down 1.18 million CGT from the previous month. South Korea accounted for 38.69 million CGT (31%) and China for 62.17 million CGT (50%).

Compared to the previous month, South Korea's backlog decreased by 850,000 CGT, while China's increased by 150,000 CGT. Compared to the same period last year, South Korea's backlog rose by 2%, and China's by 12%.

By shipyard, Samsung Heavy Industries' Geoje Shipyard led with 10.5 million CGT, followed by HD Hyundai Heavy Industries' Ulsan Shipyard (9.9 million CGT) and Hanwha Ocean's Okpo Shipyard (7.9 million CGT).

Ship prices continued their upward trend. As of the end of January, the Clarkson Newbuilding Price Index stood at 181.27, an increase of 18.6 points (11%) compared to the same period last year. LNG carriers were priced at $265 million, Very Large Crude Carriers (VLCC) at $128 million, and ultra-large container ships (22,000?24,000 TEU) at $237 million.

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