South Korean ship orders exceed China’s on higher-value vessels
South Korean shipbuilders’ skill in constructing higher-value vessels helped them to win contracts worth almost four times those awarded to Chinese yards, Clarkson Research Services Ltd. said, Bloomberg reports.
South Korea won $37.8 billion of orders in the first eight months of 2011, compared with $10.3 billion for China, Clarkson Research said Sept. 16 in its World Shipyard Monitor.
Shipowners are contracting this year for higher-value offshore, container and gas vessels, where South Korean yards have capabilities and expertise, according to the report. It cited a “significant worldwide reduction” in new contracts in 2011, particularly for dry-bulk ships and tankers, areas in which China specializes.
“While Chinese yards are developing their capabilities, the lack of orders in their key sectors means that investment there is once more behind that in Korea,” said Clarkson Research, a unit of the world’s biggest shipbroker.
Chinese builders won the most contracts and the highest value of orders for the first time in history in 2010, according to the report. China is still building more ships this year than South Korea, it showed.
Shipbuilding capacity in China tripled in the past four years, according to an admission document prepared for Dongfang Shipbuilding (Group) Co.’s listing of shares in London in August. China has 217 yards building vessels for international trading, compared with 24 in South Korea, the company said, citing Clarkson Research.
China’s stated aim is to become the largest shipbuilding nation in the world, according to the document.
South Korea won $37.8 billion of orders in the first eight months of 2011, compared with $10.3 billion for China, Clarkson Research said Sept. 16 in its World Shipyard Monitor.
Shipowners are contracting this year for higher-value offshore, container and gas vessels, where South Korean yards have capabilities and expertise, according to the report. It cited a “significant worldwide reduction” in new contracts in 2011, particularly for dry-bulk ships and tankers, areas in which China specializes.
“While Chinese yards are developing their capabilities, the lack of orders in their key sectors means that investment there is once more behind that in Korea,” said Clarkson Research, a unit of the world’s biggest shipbroker.
Chinese builders won the most contracts and the highest value of orders for the first time in history in 2010, according to the report. China is still building more ships this year than South Korea, it showed.
Shipbuilding capacity in China tripled in the past four years, according to an admission document prepared for Dongfang Shipbuilding (Group) Co.’s listing of shares in London in August. China has 217 yards building vessels for international trading, compared with 24 in South Korea, the company said, citing Clarkson Research.
China’s stated aim is to become the largest shipbuilding nation in the world, according to the document.