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South Korea tops world list of shipbuilding backorders

Posted May. 11, 2022 07:53,   

Updated May. 11, 2022 07:53


South Korea’s shipbuilding industry has been delivering good performance, recording backlog orders of up to 688 ships for the last six years.

According to Clarksons Research, a British research company for global shipbuilding services, Korea topped the list for accumulated backlog for the first four months of this year at 5.81 million CGT, surpassing China (at 5.80 million CGT). South Korea’s market share during this period jumped 11 percentage points to 45.9% from April 2021. Backlog orders for April alone, however, show that China was higher at 1.54 million CGT compared to South Korea at 820,000 CGT. Global shiplog orders in April was 2.51 million CGT, 36% lower than the previous month.

South Korea’s ship backorders for April recorded 32.68 million CGT (688 ships), 34% higher than the previous month and the highest since 2016 (at 692 ships). Global ship backlog orders were 95.95 million CGT, of which Korea was the highest after China (at 40.44 million CGT). Unit price of Korean ships was 143 million dollars, 66% higher than China (86 million dollars).

“South Korea leads the revival of the global shipbuilding industry, receiving orders for LNG carriers (photo) and 8,000 TEU level large-medium containers,” said an industry source.

Jae-Hyeng Kim monami@donga.com