May 07, 2021

China's new ship orders dropped by 40% in the previous September

As of the third quarter of this year, due to the declining global shipbuilding and shipping market, not only South Korea, but also China, the shipbuilding industry's new orders are showing a downward trend. As of September this year, the world's shipbuilding industry made new orders for 763 14.34 million CGTs, which prevailed on the CGT, and dropped 48% year-on-year (1228 ships, 27.65 million CGTs).

As of the third quarter of this year, due to the declining global shipbuilding and shipping market, not only South Korea, but also China, the shipbuilding industry's new orders are showing a downward trend. As of September this year, the world's shipbuilding industry made new orders for 763 14.34 million CGTs, which prevailed on the CGT, and dropped 48% year-on-year (1228 ships, 27.65 million CGTs).

According to Clarkson's statistics, during the same period, the Chinese industry received a total of 293 orders and 4.98 million CGT orders. The South Korean industry received 169 orders and 5.2 million CGT orders. Based on the CGT, South Korea's industry orders were slightly more than orders from the Chinese industry.

From January to September, in the area of ​​total orders, China’s industry reached US$101.91 billion, and South Korea's industry reached US$18.895 billion, which is nearly twice as much as China. In the same period, the Japanese industry received only 89 orders for 1.66 million CGTs and 2.8 billion U.S. dollars. As of September, the number of new orders in the Chinese industry dropped by 41% compared with the 8.42 million CGTs in the same period of last year and US$16.695 billion. The industry in South Korea also saw a sharp drop of 59% compared to the 12.56 million CGTs in the previous year (US$43.88 billion).

In addition, in September, the Chinese industry received 21 new orders and 590,000 CGTs. During the same period, the Korean shipbuilding industry received a total of 15 orders for 410,000 CGT. Chinese industry receives slightly more orders than Korea. However, in terms of the total amount of orders, the South Korean industry has received a total of 2.477 billion US dollars in orders, while the Chinese industry has only reached an order of 977 million US dollars.

At the end of September, the global new shipbuilding hand-held order volume was 95.21 million CGTs (4760 ships); China's industry reached 34.45 million CGTs (1905 ships); Korea's reached 29.49 million CGTs (856 ships); and Japan's reached 15.23 million CGTs. (759 ships).

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