Korean shipbuilding order reclaims world’s No. 1 title in May

2019.06.11 15:30:05

Samsung Heavy Industries LNG carrior. [Photo by Samsung Heavy Industries Co.]이미지 확대

Samsung Heavy Industries LNG carrior. [Photo by Samsung Heavy Industries Co.]

South Korea reclaimed the title of world’s biggest shipbuilder in terms of new orders volume in May, data showed on Tuesday. The feat was achieved for the first time in three months.

Korean shipbuilders swept 60 percent of 34 new ship orders or 1.06 million compensated gross tons (CGTs) awarded worldwide last month. That amounted to 640,000 CGTs (16 vessels) ahead of China that secured 270,000 CGTs (eight vessels), according to the data from Clarkson Research, a U.K. shipbuilding market analysis agency. China was followed by Japan with 60,000 CGTs (three vessels).

The ordering quantity in May fell by 26 percent from 1.44 million CGTs, or 49 vessels in April. The cumulative orders in the first five months amounted to 9.41 million CGTs, two-thirds of orders placed a year ago.

New orders for LNG carriers, mainstay vessels of Korean shipbuilders reached 1.81 million CGTs or 21 vessels, little changed from a year ago, whereas new orders for VLCCs and capesize bulk carriers won by Korean shipbuilders plummeted by 73 percent and 51 percent, respectively.

In order backlog for the first five months, China still ranks first by taking a 43 percent share with 4.06 million CGTs or 166 vessels, followed by Korea with 2.83 million CGTs (63 vessels, 30 percent), Italy with 1.11 million CGTs (14 vessels, 27 percent) and Japan with 860,000 CGTs (46 vessels, 9 percent). Korea maintained a similar level of orders a year ago, but China and Japan showed a decline of 640,000 CGTs and 560,000 CGTs, respectively.

Ship prices remained unchanged. The Clarkson Newbuilding Price Index (NPI) in May was 131 points, the same as April’s reading.

By Kang Gye-man and Minu Kim

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