In October, global ship orders fell by 56% compared to the previous month, while South Korea's orders decreased by only 29%. Despite the global decline, South Korea's market share increased, indicating relative resilience.
According to Clarkson Research, a UK-based maritime research firm, the total global ship orders for October reached 4.31 million CGT (standard gross tonnage, equivalent to 142 vessels), down from 9.71 million CGT in September. However, this figure represents a 5% increase compared to the same period last year, which recorded 4.11 million CGT.
By country, China secured 2.83 million CGT (105 vessels, 66% market share), ranking first. South Korea followed with 930,000 CGT (19 vessels, 22% market share). Although South Korea's order volume decreased by 29% from the previous month, this decline was less severe than the global average of 56%, resulting in an increase in market share. In contrast, China's order volume dropped by 65% from the previous month.
In terms of tonnage per vessel, South Korea's average was approximately 49,000 CGT, significantly higher than China's average of about 27,000 CGT, indicating that South Korea secured fewer vessels but with greater tonnage.
From January to October, the cumulative global order volume reached 79.69 million CGT (2,859 vessels), marking a 61% increase from 49.51 million CGT (2,171 vessels) during the same period last year. South Korea's orders totaled 11.91 million CGT (296 vessels, 15% market share), reflecting a 46% increase compared to the previous year. Meanwhile, China recorded 61.03 million CGT (2,238 vessels, 77% market share), a 95% increase.
As of the end of October, the global order backlog increased by 4.15 million CGT from the previous month, totaling 229.5 million CGT. South Korea accounted for 38.56 million CGT (17%), while China held 156.47 million CGT (68%). Compared to the previous month, South Korea's backlog increased by 360,000 CGT, while China's rose by 4.29 million CGT. Year-over-year, South Korea's backlog increased by 3.89 million CGT, and China's by 43.44 million CGT.
At the end of October, the Clarkson Newbuilding Price Index rose by 0.61 points to 187.20, up from 186.59 the previous month. This figure is 23% higher than the level recorded five years ago in October 2021 (151.96). The prices for various ship types are estimated at $245 million for LNG carriers, $131.5 million for Very Large Crude Carriers (VLCCs), and $240 million for Ultra Large Container Vessels (22-24k TEU).
* This article has been translated by AI.
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