South Korean shipbuilders fell far behind their Chinese rivals in terms of new global orders in November to rank second in the world, industry data showed Tuesday, according to Yonhap News Agency.
Local shipbuilders won a combined 1.08 million compensated gross tons (CGTs) in new orders last month, accounting for 38 percent of the global total of 2.86 million CGTs, according to data provided by global market researcher Clarkson Research Service.
The global total was up 9 percent from a year earlier. Chinese shipyards outpaced South Korean players, capturing 1.56 million CGTs in new orders, representing 55 percent of the total.
In the January-November period, new shipbuilding orders around the globe sank 23 percent on-year to 39.11 million CGTs, China took the top spot with 18.48 million CGTs, or 47 percent of the world total, with South Korea obtaining 15.75 million CGTs, or 42 percent.
Global order backlogs came to 107.19 million CGTs at the end of November, up 880,000 CGTs from a month earlier. South Korea's order backlog stood at 37.42 million CGTs, or 35 percent of the total, with China's reaching 46.99 million CGTs with 44 percent.
Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, amounted to 161.69 points last month, up from 153.62 a year earlier but down from 161.96 in October.