S. Korea ranks 2nd in global shipbuilding orders in May

South Korea ranked second in new global shipbuilding orders in May, industry data showed. South Korean shipyards clinched orders totaling 250,000 compensated gross tons (CGTs) for eight ships, accounting for 15 percent of the global total at 1.66 million CGTs last month, according to London-based Clarkson Research Services. China ranked first with 640,000 CGTs for 42 vessels, taking up 39 percent of the global total.

In terms of order backlog, China ranked first with 96.39 million CGTs, or 59 percent of the global total of 163.44 million CGTs as of the end of May, with South Korea trailing in second with 36.3 million CGTs, accounting for 22 percent of the total. Clarkson’s Newbuilding Price Index, a barometer of price changes in newly built ships, came to 186.69 last month, down 0.42 point from a year ago.