South Korean Shipbuilders Outperforming All Others

S. Korea Shipyard

South Korean shipbuilders won new shipbuilding orders equivalent to 910,000 CGT last month, when the global total volume was 1.7 million CGT. For reference, the shipbuilders’ January 2020 performance is 70,000 CGT and Chinese and Japanese shipbuilders’ January 2021 performances are 510,000 CGT and 260,000 CGT, respectively.

Last month, orders were placed for eight large container carriers, two large LNG carriers and two very large crude carriers. All of these went to South Korean shipbuilders.

In January this year, the total order volume increased 14 percent from a year earlier, led by large container and LNG carriers. The volume was 2.95 million CGT in January 2019 and 1.49 million CGT in January 2020.

The global order backlog decreased 1.92 million CGT to 69.78 million CGT last month. Those of Chinese, South Korean and Japanese shipbuilders as of the end of last month were 24.59 million CGT, 21.88 million CGT and 8.39 million CGT, respectively.

The Clarkson Newbuilding Price Index rose from 126 points to 127 points last month to increase for the second consecutive month. Those of crude, container and LNG carriers rose without exception.

Source: Business Korea

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