Korea September ship orders rise 127% on month to 1.27m CGT, 21% of global total
In short
South Korean shipyards won 1.27 million CGT of new orders in September, 24 vessels, up 127% from 560,000 CGT in August and 21% of the global total, according to Clarkson Research figures reported by Korean outlets. China took 4.74 million CGT (165 vessels), 76% of September orders, down 9% from the previous month. Korean outlets attributed the gain to a continued strategy of selectively taking higher-margin orders, with more than three years of work already booked.
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South Korean shipbuilders won 1.27 million CGT of new orders in September, across 24 vessels, up 127% from 560,000 CGT in August, according to Clarkson Research figures reported by Korean business outlets. That represented 21% of global orders for the month. [ 1 , 2 , 3 , 4 ]
Global September orders came to 6.2 million CGT (202 vessels), down 1% from 6.28 million CGT in August and 13% below the 7.1 million CGT recorded a year earlier. China took 4.74 million CGT (165 vessels), 76% of the total, down 9% from 5.21 million CGT the previous month. [ 2 , 3 , 4 ]
For January to September, worldwide orders totalled 70.71 million CGT (2,558 vessels), up 57% from 45.13 million CGT a year earlier. Korea accounted for 10.93 million CGT (277 vessels, 15%), up 43% year on year, while China took 53.91 million CGT (1,995 vessels, 76%), up 92%. The global order backlog at the end of September was 223.67 million CGT, 2.72 million CGT more than a month earlier; Korea held 38.17 million CGT (17%) and China 151.04 million CGT (68%). [ 2 , 3 , 4 ]
Prices also moved up. The Clarkson newbuilding price index stood at 186.59 at the end of September, 0.25 points above August's 186.34 and 23% higher than the 151.40 recorded in September 2021. The documents listed newbuilding prices of $246.5 million for an LNG carrier, $131 million for a very large crude carrier and $248.5 million for a 22,000–24,000 TEU container ship. [ 3 , 4 ]
Korean outlets attributed the monthly jump to a continued strategy of selectively taking orders where profitability is higher, noting that domestic yards already hold more than three years of work. One Newsis report, datelined Geoje, said the figures were compiled by Samsung Heavy Industries and Clarkson Research, while the other documents cited Clarkson Research alone. [ 1 , 2 , 4 ]
Why it matters
The figures show Korea raising its monthly share of global orders while China still dominates on volume, leaving the two countries' shipbuilders in a contest over both tonnage and price. The reported backlog of more than three years of work gives Korean yards room to choose orders, and the Clarkson price index at its highest recent level is the measure Korean outlets cite for that bargaining position.
Key facts
- Korea won 1.27 million CGT (24 vessels) of ship orders in September, 21% of the global total and up 127% from 560,000 CGT in August. [ 1 , 2 , 3 , 4 ]
- Global September orders were 6.2 million CGT (202 vessels), down 1% from 6.28 million CGT in August and 13% below 7.1 million CGT a year earlier. [ 2 , 3 , 4 ]
- China won 4.74 million CGT (165 vessels) in September, 76% of the total, down 9% from 5.21 million CGT in August. [ 2 , 3 , 4 ]
- January–September global orders totalled 70.71 million CGT (2,558 vessels), up 57% year on year; Korea took 10.93 million CGT (277 vessels, 15%, up 43%) and China 53.91 million CGT (1,995 vessels, 76%, up 92%). [ 2 , 3 , 4 ]
- Global order backlog at the end of September was 223.67 million CGT, up 2.72 million CGT from August, with Korea at 38.17 million CGT (17%) and China at 151.04 million CGT (68%). [ 2 , 3 , 4 ]
- The Clarkson newbuilding price index stood at 186.59 at the end of September, up 0.25 points from 186.34 and 23% above 151.40 in September 2021. [ 3 , 4 ]
- Newbuilding prices cited were $246.5 million for an LNG carrier, $131 million for a VLCC and $248.5 million for a 22,000–24,000 TEU container ship. [ 3 , 4 ]
- Korean outlets said domestic yards are continuing a strategy of selectively taking orders focused on profitability, backed by more than three years of work. [ 1 , 2 ]
Confirmed by several sources
- Korea won 1.27 million CGT (24 vessels) in September, up 127% from August and 21% of global orders. [ 1 , 2 , 3 , 4 ]
- Global September orders were 6.2 million CGT across 202 vessels, down 1% from August and 13% year on year. [ 2 , 3 , 4 ]
- China won 4.74 million CGT (165 vessels) in September, 76% of the total, down 9% from August. [ 2 , 3 , 4 ]
- Cumulative January–September orders were 70.71 million CGT (2,558 vessels), up 57% year on year, with Korea at 10.93 million CGT (277 vessels, 15%) and China at 53.91 million CGT (1,995 vessels, 76%). [ 2 , 3 , 4 ]
- The end-September order backlog was 223.67 million CGT globally, 38.17 million CGT for Korea (17%) and 151.04 million CGT for China (68%). [ 2 , 3 , 4 ]
- The Clarkson newbuilding price index was 186.59 at the end of September, 0.25 points above August and 23% above September 2021. [ 3 , 4 ]
Still unclear
- Which Korean shipyards won the September orders, and what vessels were involved. The documents report only national totals and vessel counts; no individual yard or ship type is identified for the September orders.
- The source of the underlying data is described differently across outlets. Three documents credit Clarkson Research alone, while one Newsis report says the figures were compiled by Samsung Heavy Industries and Clarkson Research, without explaining the split.
What local media are saying
Timeline, local time
- Newsis reports Korean September ship orders rose 127% from the previous month, with outlets citing continued profitability-focused selective ordering. [ 1 ]
- Dong-A Ilbo publishes Clarkson Research figures: global September orders of 6.2 million CGT (202 vessels), down 13% year on year; Korea 1.27 million CGT, China 4.74 million CGT. [ 2 ]
- Asia Economy adds the January–September cumulative totals, the end-September backlog and the Clarkson newbuilding price index by ship type. [ 3 ]
- Newsis, datelined Geoje, repeats the full figures and attributes the data to Samsung Heavy Industries and Clarkson Research. [ 4 ]