In August, South Korea’s shipbuilding industry recorded its lowest order performance of the year, falling significantly behind China.
According to a report by British maritime research firm Clarkson Research on Thursday, global ship orders for August totaled 3.87 million Compensated Gross Tonnage (CGT) across 106 vessels. This represents a 27% increase compared to the 3.05 million CGT recorded in August of the previous year.
Regarding national performance, South Korea secured only 80,000 CGT (comprising four vessels), capturing a mere 2% of the market. In contrast, China led with a commanding 3.47 million CGT (95 vessels), claiming a dominant 90% market share. Japan did not record any new orders for the month.
South Korea’s August order intake marked its lowest of the year. Although it briefly topped the global rankings in July with a 40% market share, it lost that position to China as its market share plummeted in August.
Year-to-date, as of August, global order volume stands at 42.07 million CGT, encompassing 1,454 vessels. South Korean shipbuilders have accumulated 8.22 million CGT (181 vessels), representing a 20% market share. China’s share, however, has surged to 67%, with 28.22 million CGT (1,015 vessels).
The total global outstanding order volume as of August was 143.78 million CGT. From the previous month, South Korea’s orders increased by 50,000 CGT to 39.02 million CGT (27% of the total), while China’s orders decreased by 920,000 CGT to 77.15 million CGT (54% of the total).
In August, the Clarkson Newbuilding Price Index rose 9% compared to last year, reaching 189.2. This index is based on average global shipbuilding prices from 1988, set at 100. The prices for different types of vessels are as follows: LNG carriers at $262 million, Very Large Crude Carriers (VLCC) at $129 million, and Very Large Container Ships (20,000 to 24,000 TEU) at $273 million.