South Korean shipbuilders won the global shipbuilding orders worldwide in October 2023. The country overtook China and claimed the lead in the global shipbuilding industry.

According to Clarksons Research, a UK-based maritime and shipping analysis firm, global ship orders last month amounted to 2.49 million compensated gross tonnage (CGT), a 44% decrease compared to last year.

Among these, South Korea secured 1.54 million CGT (62%), reclaiming the top spot within three months. China came in second with 820,000 CGT (33%). Regarding the number of vessels, South Korea and China received orders of 18 and 34 ships, respectively.

Cumulative orders from January to October this year totalled 33.69 million CGT (1,324 ships), a 24% decrease compared to last year. South Korea and China’s order performance was 8.93 million CGT (184 ships, 27%) and 19.33 million CGT (832 ships, 57%).

As of the end of October, the global order backlog decreased by 410,000 CGT compared to the end of the previous month, totalling 122.58 million CGT. By country, China had 59.06 million CGT (48%), while South Korea had 38.68 million CGT (32%). The Clarkson Newbuilding Price Index recorded 176.03 points, showing a 14.06-point increase compared to the same month last year.

The price of one vessel, based on ship type, was $265 million for liquefied natural gas (LNG) carriers having a capacity of 174,000 cubic meters or more, $128 million for very large crude carriers (VLCC), and $233 million for very large container ships.