South Korea Increases Ship Building Contracts To Retain First Place Ahead Of China

Harbor operations at the Port of Corpus Christi, Texas in October, 2020. The Port of Corpus Christi, Texas is rated among one of the largest ports in the United States based on tonnage. (Matt Pierce)

South Korean shipbuilders have ranked first in new global shipbuilding orders in October for a fourth straight month, far outpacing their Chinese rivals, industry data shows this evening.

According to data collected by global market researcher Clarkson Research Service, South Korean shipyards clinched new orders totaling 720,000 compensated gross tons (CGTs), taking up 69 percent of the 1.04 million CGTs ordered globally in October.

The South Korean shipbuilders were followed by Chinese shipbuilders with 250,000 CGTs, or 24 percent, and Finnish shipbuilders with 30,000 CGTs in the month.

At least 1/4 of those new orders are crude carriers listed as VLCC or “Very Large Crude Carrier” class ships.

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