Korea Dethrones China in Shipbuilding Orders
Korea regained its top spot in the global shipbuilding industry, beating out China in terms of new orders in the January to February period. London-based market researcher Clarkson said in its latest report that Korea received new orders for 34 ships totaling 700,000 compensated gross tons (CGT), while China secured orders for 19 ships totaling 400,000 CGT in the first two months of the year.
Korea's ship orders taken during the two months rose by 33 percent on-year, whereas China's dropped by 65 percent.
Korea had maintained its position as the world's no. 1 shipbuilder for a decade until last year when Chinese competitors took away the title by taking up a large portion of orders for low-margin bulk carriers and smaller tankers, thanks to the Chinese government's strong support for its shipbuilding industry.
Chinese shipbuilders received 276 new ship orders last year, some 26 percent of total orders worldwide, compared to 121 for Korea.
However, industry experts say it is highly likely that Korean shipbuilders with their advanced technology will sail ahead of their Chinese rivals this year as the global economy bounces back.