A 157K crude oil carrier built by HD Hyundai Samho, delivered in 2023 / Provided by HD Hyundai

Last month, South Korean shipbuilders secured a 23% share of global vessel orders, ranking second behind China’s 57%.

Clarkson Research Portal, a leading British maritime intelligence firm, reported that worldwide ship orders in August totaled 2.44 million compensated gross tonnage (CGT) for 82 vessels. This represents a substantial 65% decrease from the 6.93 million CGT recorded during the same period last year.

Korean shipbuilders clinched orders amounting to 550,000 CGT (8 ships) in August, capturing 23% of the market. Meanwhile, China dominated with orders totaling 1.38 million CGT (57 vessels), commanding a 57% market share.

The year-to-date global order volume through August reached 34.48 million CGT, covering 1,912 vessels.

Of this total, South Korean shipbuilders secured 8.91 million CGT (251 ships), representing a 26% market share, while China accounted for 40% with 13.96 million CGT (872 vessels).

Compared to the same period last year, cumulative orders have declined by 14% for South Korea and 17% for China.

At the close of August, the global orderbook backlog decreased by 980,000 CGT from July, totaling 164.9 million CGT. South Korea’s backlog fell by 700,000 CGT to 34.52 million CGT (21% of the global total), whereas China’s increased by 420,000 CGT to 99.92 million CGT (61%).

The Clarkson Newbuilding Price Index remained relatively stable, dipping slightly by 0.39 points to 186.26 from July’s 186.65. This index is based on 1988 global shipbuilding prices, which serve as a baseline of 100.

Current vessel prices stand at 250 million USD for liquefied natural gas (LNG) carriers, 126 million USD for very large crude carriers (VLCCs), and 273 million USD for ultra-large container ships (20,000 to 24,000 twenty-foot equivalent unit (TEU)).

Last month, South Korean shipbuilders secured a 23% share of global vessel orders, ranking …

Orderbook math: 61% of backlog in China vs 21% in Korea—can the U.S. alliance rebalance the seas?