Troubled Korean ship builders grab 12 orders in April

Business | 10 May 2017 11:22 am

South Korean shipyards emerged on top for new orders in April, while their order backlog continued to slip, industry data showed today.

According to the data compiled by Clarkson Research Institute, Korean shipyards clinched new orders worth a combined 340,000 compensated gross tons last month to build 12 ships, trailed by Chinese rivals with 260,000 CGTs or 13 ships. Japanese shipyard orders came to nil.

In April alone, a total of 750,000 CGTs worth of new orders were placed around the globe, the data showed. In the January-April period, South Korean shipyards secured 1.23 million CGTs worth of new orders to build 34 ships. China took the top slot with 1.43 million CGTs, or 78 ships.

The order backlog held by South Korean shipyards came in at 17.62 million CGTs last month, slipping from 17.67 million CGTs a month earlier. The comparable figures for China and Japan were 26.82 million CGTs and 17.73 million CGTs.

The shipbuilding industry, once regarded as the backbone of the country's economic growth and job creation, has been reeling from mounting losses caused by a fall in new orders, order cancellations and increased costs.

Last year, Hyundai Heavy Industries Co. swung to the black, while the two other shipyards – Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co. – continued to suffer losses, Yonhap reports.

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