Shipbuilding: China Races Ahead of South Korea
By Aiswarya Lakshmi
Sunday, September 17, 2017
Shipyards in China have surpassed South Korea again in terms of receiving the most orders for new ships and platforms, while fierce battle for the number one position in shipbuilding orders continues.
China ranked first globally with 195 vessel orders, while South Korea was second with 104 during the first eight months of this year, Yicai Global reported citing Clarkson Research Services.
According to the report, total global orders for January to August were 489 vessels, up about 40 percent annually. New orders for ships worldwide for the first seven months of the year already surpassed the total for last year.
South Korean shipyards won orders to build nine vessels last month, making it the market leader for August, while Chinese and Japanese ship orders won seven orders and two orders, respectively
Clearly showing the fierce competition between the two countries, Chinese shipbuilders made up 31.4 percent of new orders worldwide in the first half, down 4.4 percent annually, while South Korean shipyards accounted for 30.6 percent, up 15 percent from a year earlier.