Expectation for Rebounding: Korean Shipbuilders Sweep Half of Global Orders in Sept. | BusinessKorea

Monday, October 23, 2017

Korean shipbuilders clinched new orders equal to 1.46 million CGTs in September, accounting for 49.2 percent of the total.
Korean shipbuilders clinched new orders equal to 1.46 million CGTs in September, accounting for 49.2 percent of the total.
SEOUL,KOREA
12 October 2017 - 7:15pm
Jung Min-hee

As the number of orders placed worldwide in September reached the highest this year, South Korean shipbuilders swept half of them.

According to the data compiled by British-based research firm Clarkson Research Institute on October 11, a total of 2.96 million compensated gross tons (CGTs) worth of deals, or 71 ships, were placed globally in September, marking it the largest month of the year for ship deals.

South Korean shipbuilders clinched new orders equal to 1.46 million CGTs, accounting for 49.2 percent of the total. Chinese rivals came next with 890,000 CGTs, or 21 ship, while Japanese shipyards bagged orders worth 260,000 CGTs, or 12 ships.

In the first nine months of the year, accumulated new orders placed around the globe reached 15.93 million CGTs, or 573 vessels, up 62.7 percent, or 6.14 million CGTs, from 9.79 million CGTs, or 438 ships, a year earlier.

During the cited period, China was the first in winning new orders equal to 5.09 million CGTs to build 217 ships, followed by South Korea with 5.04 million CGTs, or 133 vessels. As the gap in orders between the two countries was only 50,000 CGTs, South Korean can surpass China by the end of this year. Japan won orders worth 1.47 million CGTs, or 76 ships.

As the number of global orders grew, the number of backlog orders has turned upward again. The global backlog orders amounted to 75.11 million CGTs as of the end of September, up 520,000 CGTs from a month earlier. It marked the first increase in 22 months since November 2015 from 115.52 million CGTs at the end of October 2015 to 115.87 million CGTs at the end of November.

South Korea's shipbuilding backlog stood at 16.65 million CGTs as of the end of September, up from 690,000 CGTs a month earlier. It also marked the first increase in 23 months since October 2015 from 32.78 million CGTs at the end of September to 32.84 million CGTs at the end of October.

China and Japan secured an order backlog of 25.9 million CGTs and 16.08 million CGTs respectively.

 

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