In August, Chinese shipbuilders continued to leverage their advantages and successfully regained the champion of the global new shipbuilding market in terms of new ship orders in a single month.
According to the data released by Clarkson on September 5, the global new ship orders in August this year amounted to 3.87 million compensated gross tonnage (CGT) (106 ships), based on CGT, an increase of 27% over the same period last year, an increase of 63% from the previous year. Among them, the Chinese shipbuilders received new orders for 3.47 million CGTs (95 ships), with a market share of up to 90% of the world’s first; South Korean shipbuilders received new orders for 80,000 CGTs (4 ships), with a market share down to 2%.
In July, South Korean shipbuilders new ship orders market share remained at 40%, Chinese shipbuilding enterprises accounted for 24% ranked second, but only one month South Korean shipbuilding enterprises market share fell sharply to 2%. In August, the difference in market share between Chinese and South Korean shipbuilders in the field of new ship orders has widened to a staggering 88%.
South Korea’s shipbuilding industry explains that the saturation of shipyard capacity, the major shipbuilders have sufficient orders on hand (which have been accumulated for at least the next three to four years of construction), and the implementation of the order selection strategy in the context of this situation is the reason for the current situation.
Since the beginning of this year, South Korean shipbuilders have only occupied the top position of new ship orders in March and July, and have no absolute lead over Chinese shipbuilders.
In contrast, Chinese shipbuilders have managed to take six monthly titles by beating South Korea shipbuilders with an absolute market share advantage in January, February, April, May, June and August, and have always held the first position in terms of overall market share.
Data show that the total global new ship orders from January to August this year amounted to 40.207 million CGTs (1454 ships), an increase of 30% over the same period last year (1436 ships, 32.232 million CGTs). During this period, the order quantity of Chinese shipbuilder was 28.22 millionCGTs (1015 ships), with a market share of about 67%, an increase of 53% over the same period of last year, ranking first; the order quantity of South Korean shipbuilder was 8.22 million CGTs (181 ships), with a market share of 20%, an increase of 14% over the same period of last year, ranking second.
Taking the end of August as the benchmark, the global hand-held new ship orders amounted to 143.78 million CGTs, a decrease of 0.69 million CGTs. Among them, Chinese shipbuilders hand-held orders for 77.15 million CGTs, market share of about 54%, a decrease of 920,000 CGTs, ranked first in the market; South Korean shipbuilders hand-held orders for 39.02 million CGTs, market share of about 27%, an increase of 50,000 CGTs, ranked second.
It is worth noting that the volume of new ship orders received from January to August 2024 and the cumulative volume of hand-held orders to date, Chinese shipbuilders have an absolute advantage in terms of market share, with 67% and 54%, respectively.
At the end of July, the Clarkson Newbuilding Price Index stood at 189.2 points, up 9% on the same period last year, continuing a 45-month upward trend since November 2020.