Global Ship Orders Down 58% in July... Korea Secures 16% of Orders, China 75%

Hanwha Ocean Geoje Shipyard [Yonhap News Photo]

Korea significantly lagged behind China in shipbuilding orders last month as global ship orders continued to decline.

According to Clarkson Research, a British maritime analysis firm, global ship orders in July amounted to 2.03 million CGT (58 vessels), a 58% decrease from the same month last year.

Korea secured 330,000 CGT (8 vessels), ranking second in order volume behind China (1.52 million CGT, 43 vessels). Korea and China's market share for orders were 16% and 75%, respectively.

As of the end of last month, global order backlog (remaining construction volume) was 164.79 million CGT, a decrease of 440,000 CGT from the previous month.

The order backlog by country was 98.37 million CGT (60%) for China and 35.22 million CGT (21%) for Korea.

The newbuilding price index recorded 186.65, a decrease of 0.46 points from the previous month.

Ship prices by type are as follows: Liquefied Natural Gas (LNG) carriers at $251 million, Very Large Crude Carriers (VLCCs) at $126 million, and Very Large Container Ships at $273 million. Yonhap News