Clarkson Research data

Korea's October orders fall 29% from prior month

Global new orders drop 56% month-on-month to 4.31 million CGT

A very large gas carrier (VLGC) built by Samsung Heavy Industries. [Samsung Heavy Industries]
A very large gas carrier (VLGC) built by Samsung Heavy Industries. [Samsung Heavy Industries]

South Korea's shipbuilding orders fell nearly 30 percent in October from the previous month, according to new industry data.

Global new ship orders totaled 4.31 million compensated gross tons (CGT), or 142 vessels, in October, according to Clarkson Research, a London-based shipping and shipbuilding market research firm. That marked a 56 percent drop from September's 9.71 million CGT, though it was up 5 percent from the same month last year, when orders stood at 4.11 million CGT.

By country, South Korea secured orders for 930,000 CGT across 19 vessels, capturing a 22 percent share of global orders. The figure was down 29 percent from the previous month. China's orders fell 65 percent over the same period to 2.83 million CGT, covering 105 vessels and a 66 percent share.

Cumulative global orders for January through October reached 79.69 million CGT across 2,859 vessels, up 61 percent from 49.51 million CGT and 2,171 vessels in the same period last year. South Korea accounted for 11.91 million CGT, or 296 vessels, for a 15 percent share, while China logged 61.03 million CGT across 2,238 vessels for a 77 percent share. South Korea's orders rose 46 percent from the same period last year, while China's surged 95 percent.

The global order backlog at the end of October stood at 229.5 million CGT, up 4.15 million CGT from the prior month. South Korea held 38.56 million CGT, or 17 percent of the total, while China held 156.47 million CGT, or 68 percent.

The Clarkson Newbuilding Price Index, which tracks prices of newly built vessels, rose 0.61 points from the previous month to 187.2 in October. By vessel type, LNG carriers were priced at $245 million, very large crude carriers (VLCC) at $131.5 million, and ultra-large container ships in the 22,000-to-24,000 TEU range at $240 million.


yeongdai@heraldcorp.com