World ship orders halved in a month... Korean order market share: 22%

Last month, global ship orders fell by half compared to the previous month, and Korea's share of orders rose to the 20% range. However, cumulatively this year, China accounted for more than three-quarters of global orders, maintaining a large gap with Korea.

According to Clarkson Research, a British shipbuilding and shipping market analysis agency, on the 4th, global ship orders in October were 4.31 million CGT (standard ship converted tonnage, 142 ships), a 56% decrease from the previous month's revised figure of 9.71 million CGT. It increased by 5% compared to the same month last year (4.11 million CGT).

By country, Korea received orders for 930,000 CGT (19 ships), recording a global market share of 22%. Korea's order volume decreased by 29% from the previous month, but the decrease was smaller than the global order volume decrease (56%), so its market share increased.

China received orders for 2.83 million CGT (105 ships), accounting for 66% of the market share. Order volume decreased by 65% ​​from the previous month.

The cumulative global order volume from January to October this year was 79.69 million CGT (2859 ships), a 61% increase from the same period last year (49.51 million CGT).

Among these, China received orders for 61.03 million CGT (2,238 ships), recording a 77% market share. Orders increased by 95% compared to the same period last year.

Korea received orders for 11.91 million CGT (296 ships), accounting for 15% of the market share. Orders increased by 46% compared to the same period last year.

As of the end of October, the global order backlog was calculated to be 229.5 million CGT, an increase of 4.15 million CGT from the previous month.

China's order backlog was 156.47 million CGT, accounting for 68% of the total, and Korea's was 38.56 million CGT, accounting for 17%.

Compared to the same period last year, China increased by 43.44 million CGT and Korea increased by 3.89 million CGT.

The Clarkson new ship price index, which indicates ship prices, was 187.20 at the end of October, up 0.61 points from the previous month (186.59). It is 23% higher compared to October 2021 (151.96), five years ago.

Newbuilding prices by ship type were calculated to be $245 million for liquefied natural gas (LNG) carriers, $131.5 million for very large oil tankers (VLCCs), and $240 million for very large container ships.