S. Korean shipbuilders lose top spot to Chinese rivals in new orders in April

South Korean shipbuilders obtained new orders of 34 ships, or 1.19 million compensated gross tons (CGTs) in April, losing their No. 1 ranking to Chinese rivals, which had 53 ships, or 1.64 million CGTs.

South Korean shipbuilders took the top spot in July and held it for nine months.

Finland's shipbuilders took third sport, winning two ships, or 80,000 CGTs.

Of a total of 98 ships, or 3.05 million CGTs, ordered globally in April, Chinese shipbuilders took up 54 percent, while South Korean shipbuilders accounted for 39 percent of the total.

In the period between January and April, the cumulative orders more than doubled to 15.43 million CGTs, up three times compared with 2016, when the global shipbuilding industry suffered the worst depression ever.

During the four months, Chinese shipbuilders bagged orders of 248 ships or 7.05 million CGTs, and South Korean shipbuilders won orders of 35 ships or 6.82 million CGTs. Japanese shipbuilders obtained orders of 35 ships or 1.03 million CGTs.

Global order backlogs rose by 950,000 CGTs, or 1 percent, to 76.95 million CGTs in April from March.

Chinese shipbuilders' order backlogs reached 28.98 million CGTs, or 38 percent of the total, followed by South Korean shipbuilders with 24.72 million CGTs and Japanese shipbuilders with 8.37 million CGTs.

Compared with a year ago, South Korean shipbuilders' order backlogs rose 16 percent or 3.39 million CGTs, and Chinese shipbuilders' order backlogs gained 1 percent, or 390,000 CGTs, in April, while Japanese shipbuilders fell 30 percent or 3.5 million CGTs.

Clarkson's Newbuilding Price Index, indicating price changes in newly built ships, was up 4 points to 134 points in April.