China overtakes South Korea to become world's top shipbuilder

08:36, July 20, 2010      

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In the first half of the year, China overtook South Korea to become the world's largest shipbuilder in terms of three major industry indicators, including new orders, order backlogs and delivery. That's according to a report released Sunday by Clarkson Research Services Ltd., a London-based market research firm.

This is the first time since 2003 – the year it overtook Japan - that South Korea fails to secure the highest rank.

According to the data, Korean shipbuilders' deliveries in the first half of this year amounted to 7.48 million gross tons (CGTs), and Chinese shipbuilders' deliveries reached 8.01 million CGTs.

Also, in the first half of this year Korean shipbuilders received new orders of 4.62 million CGTs, making up 38 percent of the global market share, while China's new orders amounted to 5.02 million CGTs, or 41.2 percent market share.

In terms of order backlogs, China stood at 53 million CGTs, exceeding South Korea's 49 million CGTs.

Last year, China overtook South Korea in terms of new orders and order backlogs, and South Korea has now lost its leading role in terms of delivery.

The report said that in 2009, when the global shipbuilding industry stagnated due to the financial crisis, China's shipbuilding industry made advances due to government support. And this year, the orders from China's shipping firms have consolidated the shipbuilding industry's top position.

"The Chinese government has said that its shipbuilding industry would overtake that of South Korea by 2015. They have now done so five years ahead of schedule," a South Korean industry analyst said. The analyst added that China could also take over the top spot at the end of the year.

Source: Global Times


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