The downturn in the global shipbuilding market is lengthening. Last month, global ship orders fell by nearly 40% from a year earlier. Korean shipbuilders' order share was only 18%.
According to Clarksons Research on the 7th, global ship orders in October were 2.91 million CGT (compensated gross tonnage), totaling 118 ships. This is down 38% from a year earlier (4.71 million CGT) and down 33% from the previous month (4.37 million CGT).
Of that, Korean shipbuilders won 520,000 CGT (nine ships), for an 18% share. China's share was 73% with 2.13 million CGT (98 ships).
Cumulative global orders this year through October were 37.89 million CGT (1,392 ships), down 43% from 66.49 million CGT (2,768 ships) a year earlier.
Of that, domestic shipbuilders accounted for 8.06 million CGT (182 ships), or a 21% share. China's share was 59% (22.39 million CGT, 895 ships).
As of the end of October, the global order backlog was 167.79 million CGT. Korea held 34.28 million CGT (20%), up 500,000 CGT from the previous month, while China held 101.96 million CGT (61%), down 630,000 CGT. Compared with the same period last year, Korea fell by 3.46 million CGT and China rose by 8.24 million CGT.
Last month's ship new building price index was 184.87, slightly lower than the previous month (185.58). The ship new building price index is a metric that sets average global shipbuilding prices in 1988 at 100.
By ship type, prices are ▲ liquefied natural gas (LNG) carriers $248 million ▲ very large crude carriers (VLCC) $126 million ▲ ultra-large container ships (22,000–24,000 TEU) $266.5 million.