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Korean Shipbuilders Account for 52.3% of Global Orders in February
Up 30% in Market Share
Korean Shipbuilders Account for 52.3% of Global Orders in February
  • By Jung Min-hee
  • March 8, 2018, 00:15
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Korean shipbuilders accounted for 52.3% of global shipbuilding orders in February, raising their market share by about 30%.
Korean shipbuilders accounted for 52.3% of global shipbuilding orders in February, raising their market share by about 30%.

 

The Korean shipbuilding industry accounted for 52.3% of global shipbuilding orders, recording orders for 91.3 million CGTs in February.

According to Clarkson Research, a shipbuilding industry analyzer on March 7, in February, ship orders in the world fell by 1.13 million CGTs to 1.74 million CGTs (45 units) from 2.87 million CGTs in January.

Korean shipbuilders accounted for 52.3% of global shipbuilding orders in February, recording 910,000 CGT last month. Compared to January, shipbuilding orders increased by 250,000 CGTs and market share rose by about 30%.

This is attributable to the fact that Korea’s three biggest shipbuilders -- Hyundai Heavy Industries, Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering -- won a total of 17 vessels for container ships, LNG tankers, and VLCCs in February.

In the same period, Chinese shipbuilders received 450,000 CGTs (19 units), a decrease of about 770,000 CGTs from January. Japanese shipbuilders landed orders for 50,000 CGTs (4 vessels), a decrease of 660,000 CGTs from January.

During the January to February period, China, which recorded 1.61 million CGTs slightly outperformed Korea with 1.57 million CGTs. Japan came in third with 77 million CGTs.

As of the end of February, the global order backlog increased by 130,000 CGTs to 76.96 million CGTs from the end of January according to Clarkson Research. By country, China recorded a worldwide market share of 37.2% with 28.6 million CGT. Korea got the better of Japan with 15.62 million CGTs by recording 16.28 million CGT, an increase of 400,000 CGTs from the previous month.

By vessel type, the VLCC price was US$ 84.5 million per ship, up US$ 1.5 million from US$ 83 million in January, continuing its upward trend for the third consecutive month. The price of a Suezmax oil tanker also rose by US$ 1 million to US$ 57 million in February from US$ 56 million in January, while that of a Cape-size bulk carrier also stood at US$ 44.5 million in February, up US$ 500,000 from January.

The price of a container ship also rose by US $ 750,000. The unit price of 18,500 to 19,000 TEU vessels was US$ 140,75 million, that of 16,000 to 16,500 TEU vessels, US$ 123,275 and that of 13,000 to 14,000 TEU vessels, US$ 107.75 million.

The unit price of Apramax tankers has not changed since climbing to US$ 45 million in January and that of LNG carriers dropped by US$ 1 million for two consecutive months.