S. Korea remains behind China in new ship orders in Jan

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South Korea stayed behind China in global vessel order book in the new year despite strong gain versus December.

According to Clarkson Research Services, Britain’s shipbuilding industry tracker, on Tuesday, Korean shipbuilders accounted for 45 percent of new orders placed in January, or 1,380,000 compensated gross tons (CGTs), up 160 percent from a month earlier.

Still China accounted for the largest share of 48 percent, or 1,470,000 CGTs by adding 50 percent from the previous month.

Total vessel orders in January this year soared 72 percent from a month ago to 3,070,000 CGTs in the first rise in four months.

Japan was third with a share of 3 percent on orders of 90,000 CGTs.

At the end of January, the total backlog of ship orders rose 110,000 CGTs from the previous month to 91,280,000 CGTs. While China and Japan saw order decrease by 40,000 CGTs and 240,000 CGTs, respectively, Korea added 690,000 CGTs.

By type, LNG carriers of more than 140,000 cubic meters and 12,000 Twenty-foot Equivalent Unit (TEU) container vessels took 67 percent of the total orders. There were no orders in very large crude oil carriers (VLCCs), S-max oil tankers, and A-max vessels last month.

The Clarkson newbuilding price index stood at 154.26 points in January, keeping on the rising track for 14 straight months. Prices of all ship types rose except for S-max oil tankers. The VLCC price escalated to $114 million from $112 million, while LNG carriers over 174,000 cubic meters rose from $210 million to $214 million.

Source: Pulse