Korean shipyards defend leadership in global order book vs China as of May
South Korean shipyards retained leadership in global order book in May thanks to increased demand for highly profitable LNG carriers and large container carriers amid factory shutdowns in Shanghai following the virus spread in China.
According to British shipbuilding and marine industry tracker Clarkson Research Services on Tuesday, Korean shipbuilders bagged a combined 20 orders in 1.2 million CGT in May, or nearly half of total 57 orders in 2.5 million CGT placed in the world last month.
China came second with 22 orders in 840,000 CGT, or 34 percent of the total due to shutdowns of shipyards following virus-led lockdowns in Shanghai.
From January to May, a total of 16.25 million CGT orders were placed globally. Korean shipyards won 7.34 million CGT or 45 percent, greater than Chinese peers with 7.16 million CGT or 44 percent.
Korea is outpacing China in cumulative orders for the first time since 2018.
During the same period last year, Korea’s share in the order volume was at 36 percent versus China’s 47 percent.
Orders for large LNG carriers capable of transporting 140,000 cubic meters of gas or larger increased, while those for 12,000 TEU large containers, oil tankers and bulk carriers decreased.
As of end of May, global ship order backlog amounted to 98.53 million CGT. China’s order backlog reached the largest 41.58 million CGT, followed by Korea with 33.65 million CGT and Japan with 9.65 million CGT.
Clarkson’s new ship building price index stood at 160.07 in May, extending its growth streak for 18 consecutive months and marking the highest since February 2009.