China No.1 in Global Ship Orders in Q1

Chinese shipbuilders Chinese shipbuilders took the top spot worldwide in terms of new orders in the first quarter of the year 2019.

A report in Yonhap quoted data compiled by industry tracker Clarkson Research Institute that said the local shipyards garnered new orders totaling 2.58 million compensated gross tons (CGTs), or 35 vessels.

South Korean shipbuilders came in second worldwide in terms of new orders in the first quarter of the year, said the report.

Korean shipyards won new orders totaling 1.62 million compensated gross tons (CGTs) in the January-March period, equating to 35 ships.

Italian firms came in third with 780,000 CGTs, or 10 ships.

In the first quarter, new shipbuilding orders totaled 5.73 million CGTs across 196 ships around the globe, the data showed.

In terms of order backlog, China topped the list with 29.92 million CGTs, followed by South Korea with 21.33 million CGTs and Japan with 14.18 million CGTs.

In 2018, South Korean shipyards, for the first time in seven years, ranked No. 1 in terms of annual orders secured. Increased orders for LNG carriers helped Korean shipbuilders retake the top spot in the global hierarchy.

South Korea lost its No. 1 position to China in 2012 and was second up to 2017.