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Global Biz

S Korea reclaims world's top shipbuilder spot in new orders

(Xinhua)
Updated: 2010-02-05 16:28

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SEOUL: South Korea has regained its position as the world's top shipbuilder in new orders last month, a leading shipping research firm said Friday.

The country's shipbuilding industry has received a total of 353, 986 compensated gross tons (CGTs) in new orders in January, an overwhelming 56.7 percent of the overall number of ships ordered globally in the cited period, according to London-based Clarkson Plc.

Chinese shipbuilders, who took over South Korea as the market-leader in combined annual new orders last year, ranked second with 82,707 CGTs last month, accounting for 13.2 percent of total market share, Clarkson said.

The report added the Chinese shipyards accumulated new orders at cheap prices while South Korean shipbuilders have kept its focus on high-priced vessels and off-shore facilities.

South Korea, home to seven of the 10 largest shipbuilders in the world, including Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., has been overtaken by China last year as the world's largest shipbuilding nation, as Clarkson said in a report last month that Chinese shipbuilders received 3.49 million CGTs while its South Korean counterparts had a combined 3.15 million CGTs last year.