S. Korean shipbuilders bag over half of new global orders in July
The LNG carrier Prism Courage, which Hyundai Heavy Industries built in 2021 and delivered to SK Shipping / Courtesy of Hyundai Heavy Industries
South Korean shipbuilders won more than half of new global ship orders in July to take the top spot in the world for the third straight month, industry data showed Tuesday.
Local shipyards, led by Hyundai Heavy Industries Co., clinched 1.16 million compensated gross tons (CGTs) in new orders last month, or 55 percent of the global total of 2.1 million CGTs, according to data from global market researcher Clarkson Research Service.
Chinese shipbuilders won 620,000 CGTs in July, taking up 30 percent of the world total and placing second.
In the first seven months of the year, South Korean shipyards clinched 11.13 million CGTs in new orders, or 47 percent of the global total.
Chinese shipbuilding firms obtained 10.07 million CGTs in the seven-month period, accounting for 42 percent of the world total.
South Korean shipyards' stellar performance was bolstered by a jump in new orders for liquefied natural gas carriers, a sector in which they are highly competitive.
In the January-July period, there were 103 new global orders for LNG carriers of 140,000 cubic meters or larger, the highest number since Clarkson Research Service began tracking related data in 2000.
South Korean shipbuilders' order backlog rose for the 11th straight month to reach 35.86 million CGTs as of end-July, up 26 percent from a year earlier.
Meanwhile, Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 161.57 in July, advancing for 20 months on end, the data showed. (Yonhap)