Clarkson Research September data

South Korea secured 1.27 million CGT (24 vessels), up 127% from August

China's orders fell 9%; its share stood at 76%

Global new ship orders down 13% year-on-year

An LNG carrier built by Samsung Heavy Industries. [Photo provided by Samsung Heavy Industries]
An LNG carrier built by Samsung Heavy Industries. [Photo provided by Samsung Heavy Industries]

South Korea's shipbuilding orders more than doubled in September even as global new vessel orders declined, pushing the country's market share above 20%, according to industry data.

Clarkson Research, a British shipping and shipbuilding market intelligence firm, said global new ship orders in September totaled 6.2 million compensated gross tons (CGT) across 202 vessels — down 1 percent from 6.28 million CGT the previous month and 13 percent below the 7.1 million CGT recorded in the same period last year.

By country, South Korea secured 1.27 million CGT across 24 vessels, capturing a 21 percent share and surging 127 percent from 560,000 CGT in August. China, meanwhile, took 4.74 million CGT across 165 vessels for a 76 percent share, down 9 percent from 5.21 million CGT the month before.

Cumulative global orders for the January-September period reached 70.71 million CGT across 2,558 vessels, up 57 percent from 45.13 million CGT across 1,958 vessels in the same period last year. South Korea accounted for 10.93 million CGT (277 vessels, 15 percent) and China for 53.91 million CGT (1,995 vessels, 76 percent), representing year-on-year gains of 43 percent and 92 percent, respectively.

The global order backlog at the end of September rose 2.72 million CGT from the previous month to 223.67 million CGT. South Korea held 38.17 million CGT (17 percent) of that total and China 151.04 million CGT (68 percent). Compared with a month earlier, South Korea's backlog grew by 150,000 CGT and China's by 2.38 million CGT; year-on-year, South Korea added 4.07 million CGT and China 39.94 million CGT.

Meanwhile, the Clarkson Newbuilding Price Index at the end of September rose 0.25 points from August's 186.34 to 186.59 — up 23 percent from 151.40 in September 2021. By vessel type, newbuild prices were $246.5 million for LNG carriers, $131 million for very large crude carriers and $248.5 million for ultra-large container ships in the 22,000-to-24,000 TEU range.


keg@heraldcorp.com