- South Korea Ranks Second After China in New Orders.
- Korea Focuses on High-Value LNG and Container Carriers.
- Global Order Backlog Drops to 164 Million CGT.
In August, global shipbuilding orders took a significant hit, plummeting 65 per cent compared to the same month last year, landing at 2.44 million compensated gross tons (CGT), as reported by Clarkson Research Services based in London. CGT is a measurement that captures the actual workload involved in the shipbuilding process, reports YNA.
South Korea Ranks Second After China
South Korea managed to secure 560,000 CGT in August, placing it second behind China, which achieved 1.38 million CGT. This means South Korea and China held 23 per cent and 57 per cent of the global market share, respectively.
Focus on High-Value Vessels
Even with the overall decline in volume, South Korea has kept its competitive edge by focusing on high-value ships. The average size of vessels from South Korea was 70,000 CGT, almost three times larger than China’s 24,000 CGT—showing a clear emphasis on liquefied natural gas (LNG) carriers and very large container ships.
Global Order Backlog Status
As of August, the global order backlog reached 164 million CGT, which is a decrease of 980,000 CGT from July. China led the way with 61 per cent of the backlog, totalling 99.92 million CGT, while South Korea accounted for 21 per cent, or 34.52 million CGT.
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Source: YNA
