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S. Korean shipbuilders take up more than half of new orders in Feb.

All News 10:48 March 10, 2021

By Nam Kwang-sik

SEOUL, March 10 (Yonhap) -- South Korean shipbuilders accounted for more than half of new orders in the global shipbuilding market in February, surpassing their Chinese rivals for the eighth consecutive month, industry data showed Wednesday.

South Korean shipbuilders led by Hyundai Heavy Industries Co. won new orders of 43 ships or 1.56 million compensated gross tons (CGTs), which represented 56 percent of 92 ships or 2.82 million CGTs ordered globally in February, according to the data provided by global market researcher Clarkson Research Service.

The new orders bagged by the South Korean shipyards include seven very large crude carriers, five A-Max oil tankers and 13 container carriers that are more than 12,000 twenty-foot equivalent units (TEU).

This file photo shows a container ship built by Hyundai Heavy Industries. (PHOTO NOT FOR SALE) (Yonhap)

This file photo shows a container ship built by Hyundai Heavy Industries. (PHOTO NOT FOR SALE) (Yonhap)

Last month, a total of 17 container carriers were ordered in the global shipbuilding market, with new orders of container carriers rising nearly thirteenfold to 1.5 million CGTs or 25 ships from 110,000 CGTs or two ships a year ago.

South Korean shipyards were trailed by Chinese shipbuilders with new orders of 1.12 million CGTs, or 40 percent, and Japanese shipbuilders with 60,000 CGTs, or 2 percent, in February.

In the January-February period, South Korean shipbuilders' new orders amounted to 2.5 million CGTs, with Chinese shipbuilders obtaining new orders of 1.9 million CGTs and Japanese shipbuilders winning new orders of 320,000 CGTs.

The new orders for the two months were up 83 percent to 4.82 million CGTs, compared with 2.63 million CGTs a year ago.

Global order backlogs slightly rose by 780,000 CGTs, or 1 percent, to 71.06 million CGTs in February from January.

Chinese shipbuilders' order backlogs reached 25.70 million CGTs, or 36 percent of the total, followed by South Korean shipbuilders with 22.47 million CGTs and Japanese shipbuilders with 7.97 million CGTs.

Clarkson's Newbuilding Price Index indicating price changes in newly built ships was up 1 point to 128 points in February, rising for the third consecutive month.


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