- Global shipbuilding orders plummeted 46% in July, with South Korea overtaking China as the top shipbuilding nation.
- Despite the decline, shipbuilding prices continue to rise.
The global shipbuilding industry have seen a significant downturn in July, with new orders falling by 46% compared to last year. Total orders reached 2.37 million CGT, marking a substantial decrease.
South Korea Overtakes China
Despite the decline, South Korea emerged as the leading shipbuilding nation in July, overtaking China for the first time in 2024. The country secured orders totaling 960,000 CGT, representing a 40% market share. China followed closely behind with 570,000 CGT and a 24% share.
Cumulative Orders and Order Balance
Cumulative orders for the year reached 35.59 million CGT, with South Korea and China holding dominant positions. The global order balance currently stands at 141.65 million CGT.
Shipbuilding Prices on the Rise
The Clarkson Newbuilding Price Index increased by 9% year-on-year to 187.98, reflecting higher costs for various vessel types. Prices for LNG carriers, VLCCs, and large container ships have experienced significant growth.
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Source: Port News
