Korean shipbuilders yield No.1 spot to Chinese rivals in March

Korean shipbuilders were outstripped by China in shipbuilding orders and backlogs last month, according to UK-based shipping industry specialist Clarksons Research.

Global ship orders in March amounted to 2.44 million compensated gross tons (CGT), equivalent to 579 ships, in the previous month. Although this figure represents a 3% increase from the previous month, it marks a sharp 49% decline compared to the same period last year.

Of these orders, Korea's volume was 800,000 CGTs, with a market share of 33%, while China took in 9.5 million CGTs, or a market share of 39%.

The global backlog as of the end of last month was 110.35 million CGTs, down 240,000 CGTs from the previous month. Compared to the same period last year, Korea gained 0.4%, while China lost 1%.

Clarksons Shipyard Index, a measure of the shipbuilding industry's overall health, rose 9.39% to 165.56 from the same period last year.

Write to Jae-Fu Kim at hu@hankyung.com