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Korea relentless in topping the shipbuilding ranking

The republic deserves commending for its persistent efforts to overtake China

Clarkson Research Services’ data as at 15 February 2022 revealed Korean shipbuilders accounted for 45 per cent of new orders placed in January, or 1,380,000 compensated gross tonnes (CGTs) – up 160 per cent from a month earlier. Yet, it remained behind China in January 2022’s scorecard.

Liquefied natural gas (LNG) carriers dominated
China too deserves credit for its keeping a safe distance from Korea’s persistence in closing the competition gap. It accounted for the largest share of 48 per cent, or 1,470,000 CGTs by adding 50 per cent from the previous month. Total vessel orders in January 2022 soared 72 per cent from a month ago to 3,070,000 CGTs in the first rise in 4 months.

Japan came in third with a share of 3 per cent on orders of 90,000 CGTs. At the end of January, the total backlog of ship orders rose 110,000 CGTs from the previous month to 91,280,000 CGTs. While China and Japan saw order decrease by 40,000 CGTs and 240,000 CGTs, respectively, Korea added 690,000 CGTs.

LNG carriers of more than 140,000 m³ capacity and 12,000 Twenty-foot Equivalent Unit (TEU) container vessels took 67 per cent of the total orders. There were no recorded bookings for very large crude oil carriers (VLCCs), S-max oil tankers, and A-max vessels last month.

Meanwhile, the Clarkson newbuilding price index stood at 154.26 points in January, keeping on the rising track for 14 straight months. Prices of all ship types rose except for S-max oil tankers. The VLCC price escalated to US$114 million from US$112 million, while LNG carriers over 174,000 m³ rose from US$210 million to US$214 million.

Marine Online News Team
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