Seoul, South Korea – South Korea’s shipbuilding industry is facing increasing competition from China, according to data released on May 9th by Clarkson Research, a UK-based shipbuilding and maritime analysis agency. The data reveals that South Korea accounted for only 17% of new ship orders globally in April, significantly lagging behind China.
The global new ship orders in April totaled 3.64 million compensated gross tons (CGT), representing 75 vessels. This figure marks a substantial decrease of 56% compared to the same period last year. Of this total, South Korea secured 620,000 CGT (15 vessels), capturing 17% of the market share and placing second globally. China dominated the market, securing 2.51 million CGT (51 vessels), accounting for 69% of the global share.
As of the end of April, the global order backlog decreased by 1.93 million CGT to 160.46 million CGT. South Korea’s order backlog stood at 35.57 million CGT (22%), while China’s backlog reached 94.67 million CGT (59%).
This data highlights the growing dominance of China in the global shipbuilding market and the challenges faced by South Korea in maintaining its competitiveness. The decline in global orders also points to potential shifts in the maritime industry and the need for South Korean shipbuilders to adapt to the changing landscape.
References:
- Yonhap News Agency. (2024, May 9). 韩国4月新船订单量全球占比17%远不及中国 [South Korea’s April New Ship Orders Account for 17% of Global Share, Far Behind China]. Retrieved from http://chinese.yonhapnews.co.kr/my/2024/05/09/2200000000ACH20240509006000881.HTML
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