South Korean shipbuilders top order books for two consecutive months

2017-06-09 09:00

According to Yonhap News Agency, South Korean shipbuilders' single-month order volume surpassed that of Chinese shipbuilders in May, marking the second consecutive month they held the top spot globally. Their cumulative order volume for the first five months of the year also exceeded that of China, securing the world's number one position. Simultaneously, their backlog of orders has begun to recover after a two-year decline.

Clarksons data shows that the global new ship order volume in May totaled 1.66 million CGT, approximately double the 0.85 million CGT recorded during the same period last year. South Korean shipbuilders secured 21 vessels and 0.79 million CGT in May, ranking first globally. China ranked second with 17 vessels and 0.32 million CGT, while Japan's order volume was only 3 vessels and 0.08 million CGT.

Data shows that in the first five months of this year, the global new ship order volume totaled 238 vessels and 6.53 million CGT. South Korean shipbuilders secured 57 vessels and 2.07 million CGT, ranking first globally. China followed with 101 vessels and 1.84 million CGT. Italy ranked third with 0.74 million CGT, Finland fourth with 0.67 million CGT, and Japan fifth with 0.38 million CGT.

Data shows that as of the end of May, the global shipbuilding order backlog totaled 76.19 million CGT, slightly lower than the previous month. This marks three consecutive months of sluggish performance following the first time in 12 years and 9 months that the global shipbuilding order backlog fell below 80 million CGT in March. Chinese shipbuilders still hold the largest order backlog globally, at 25.76 million CGT. South Korean shipbuilders' order backlog saw a month-on-month increase for the first time in two years, rising by 150,000 CGT to reach 17.49 million CGT. Japan ranked third globally with 17.17 million CGT.

As of now, South Korean shipbuilders' order backlog totals 17.49 million CGT, a slight increase from 17.34 million CGT in April. This is the first time since May 2015 that South Korean shipbuilders have seen an increase in their order backlog. After a two-year gap, it surpasses Japan to take second place. Japanese shipbuilders' order backlog ranks third, totaling 17.17 million CGT.

South Korean shipbuilding professionals analyze that the shipbuilding industry has bottomed out and is recovering. South Korea has a competitive advantage, therefore its recovery speed surpasses that of competing countries. However, the current order backlog is still too small to solve the fundamental problem of shipbuilders lacking work.

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