Ship Orders Rose 15% in February, but South Korea’s Share Halved in Just One Month

According to Financial News, global ship orders increased year-on-year last month, but the Republic of Korea (South Korea) lost significant market share to China.
British shipbuilding and shipping market analysis firm Clarksons Research reported on the 6th that global ship orders in February came to 5.21 million CGT (compensated gross tons), or 163 vessels, up 15% from a year earlier.
South Korea secured orders totaling 570,000 CGT for 17 vessels. Its share of global orders was 11%, down by half from 22% in January. In contrast, China booked 4.15 million CGT for 131 vessels, capturing an 80% share and far surpassing South Korea’s order volume.
As of the end of last month, the global order backlog — ships yet to be built — stood at 183.56 million CGT, an increase of 1.45 million CGT from the previous month.
By country, South Korea’s order backlog was 36.47 million CGT, accounting for 20% of the total, while China held 114.56 million CGT, or 62%.
The Clarkson Newbuilding Price Index came in at 182.14, down 2.15 points from the previous month.
By vessel type, prices were 248.5 million dollars for a Liquefied Natural Gas Carrier (LNG carrier), 128.5 million dollars for a very large crude carrier (VLCC), and 261 million dollars for an Ultra Large Container Vessel (ULCV).
hoya0222@fnnews.com Kim Dong-ho Reporter