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August Ship Orders Go China’s Way: 90% of the Global Market

Daniel Kim Views  

As South Korean shipyards secure commissions for the next two to three years, they have begun selectively accepting new orders. Meanwhile, Chinese shipbuilders dominated global orders in August.

According to Clarkson Research, a British maritime market analysis firm, global ship orders in August totaled 106 vessels with a combined compensated gross tonnage (CGT) of 3.87 million. This represents a 63% increase from the previous month and a 27% rise compared to last year.

China led the global market with 3.47 million CGT across 95 vessels, accounting for 90% of the total orders. In contrast, South Korea secured just 80,000 CGT from 4 vessels, representing a mere 2% of the global total.

Cumulative global orders from January to August reached 42.07 million CGT across 1,454 vessels, up 30% from 32.31 million CGT for the same period last year. South Korea captured 20% of these orders, amounting to 8.22 million CGT from 181 vessels, while China dominated with 67%, totaling 28.22 million CGT from 1,015 vessels. South Korea’s order volume increased by 14% year-over-year, while China’s grew by 53%.

South Korean shipyards have experienced a surge in orders and tight dock schedules over the past three years, and they are now concentrating on selectively securing high-value contracts.

As of the end of August, the global order backlog totaled 143.78 million CGT, a decrease of 690,000 CGT from the previous month. South Korea accounted for 39.02 million CGT, an increase of 50,000 CGT from last month.

China’s backlog is 77.15 million CGT, representing 54% of the global total. However, this is a decrease of 920,000 CGT from the previous month.

As of August’s end, the Clarkson Newbuilding Price Index was recorded at 189.2, reflecting a 9% increase from August of the previous year and a 49% rise from August 2020.

Current average prices for various ship types are LNG carriers at approximately $262 million, very large crude carriers (VLCCs) at $129 million, and ultra-large container ships (20,000 to 24,000 TEU) at around $273 million.

Daniel Kim
content@viewusglobal.com

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