Despite an overall decline in global ship orders, South Korea increased its share last month, narrowing the gap with China, according to data released by London-based Clarkson Research Services.

In March, South Korea won orders totaling 1.59 million compensated gross tons (CGT) for 38 ships, accounting for about 39 percent of the global market, while China secured 2.15 million CGT for 84 ships, taking a 53 percent share. In February, South Korea’s share was just 11 percent, compared with China’s 80 percent.

Global ship orders reached 4.06 million CGT for 135 vessels, down 36 percent from February’s 6.38 million CGT, but up 31 percent from a year earlier.

Clarkson’s index measuring the cost of building new ships stood at 182.07 in March, down 0.07 percentage points from the previous month, but it is considered very high.

By type of vessels, prices were $248.5 million for a liquefied natural gas (LNG) carrier, $129.5 million for a very large crude carrier, and $260 million for an ultra-large container ship.
Source: AJP