China dominates global shipbuilding orders with 85% market share

According to Clarkson Research, global shipbuilding orders fell by 24% last month to 4.2 million CGT (125 vessels) compared to the same period last year. During this month, China dominated the market with 3.59 million CGT (107 vessels), accounting for 85% of the global share, while South Korea secured 310,000 CGT (10 vessels), representing 7% of the total.

For the cumulative period from January to August this year, global orders rose 61% to 59.72 million CGT. In this timeframe, China's share stood at 76% (45.39 million CGT), while South Korea's share was 16% (9.38 million CGT).

As of the end of last month, the global order backlog reached 216.43 million CGT. China holds 67% of this backlog (145.39 million CGT), and South Korea holds 18% (37.96 million CGT). The Clarkson Newbuilding Price Index rose slightly to 186.34, which remains 28% higher than the level recorded in August 2021.