Ship Orders Rise in Q1 but China Extends Its Lead... South Korea's Share at 20%

[Financial News] Global ship orders in March this year increased by more than 30% compared with a year earlier, continuing the recovery trend in the market. However, orders fell from the previous month, highlighting short-term volatility.
According to British shipbuilding and shipping market analysis firm Clarksons Research on the 6th, global ship orders in March totaled 4.06 million CGT across 135 vessels. This represents a 36% decline from February's 6.38 million CGT. Compared with March last year (3.10 million CGT), however, orders were up 31%.
By country, China ranked first with 2.15 million CGT (84 vessels, 53%), followed by South Korea with 1.59 million CGT (38 vessels, 39%).
Cumulative figures for the first quarter also show a clear upward trend. From January to March, global orders reached 17.58 million CGT (554 vessels), up 40% from 12.53 million CGT a year earlier. Of this total, China secured 12.39 million CGT (399 vessels, 70%), posting a dominant market share, while South Korea recorded 3.57 million CGT (85 vessels, 20%). Year-on-year growth rates were 54% for South Korea and 91% for China.
Order backlogs continued to rise as well. As of the end of March, the global order backlog stood at 189.98 million CGT, up 3.56 million CGT from the previous month. By country, China accounted for the largest share with 120.95 million CGT (64%), while South Korea held 36.35 million CGT (19%).
Trends by country, however, diverged. Compared with the previous month, South Korea's order backlog fell by 250,000 CGT, whereas China's increased by 3.93 million CGT. Versus a year earlier, South Korea's backlog was up 540,000 CGT and China's was up 19.35 million CGT.
Industry officials expect the medium- to long-term ordering trend to remain solid, supported by growing demand for eco-friendly vessels and the replacement of aging ships.
hoya0222@fnnews.com Kim Dong-ho Reporter