Korea lags far behind China in new global orders in September

Korean shipbuilders stayed far behind their Chinese rivals in new global orders in September amid plunging demand, industry data showed Friday.

Local shipyards won a combined 120,000 compensated gross tons (CGTs) in new orders last month, accounting for 6 percent of the global total at 1.86 million CGTs, according to the data from global market researcher Clarkson Research Service.

The global total, or 71 vessels, was 59 percent lower than that from a year earlier.

Chinese shipyards far outpaced Korean players, clinching 1.53 million CGTs in new orders, or 82 percent of the total.

Last month, Korean shipbuilders clinched orders to construct four vessels, compared with Chinese rivals' 62 ships.

In the first nine months of the year, global orders totaled 30.14 million CGTs, or 1,196 vessels, down 23 percent from a year earlier.

Korean shipyards bagged 7.42 million CGTs, or 25 percent of the total, with Chinese rivals winning 17.99 million CGTs, or 60 percent.

The data also showed the global order backlog reaching 122.19 million CGTs at the end of September, up 360,000 CGTs from a month earlier.

Korea's order backlog stood at 39.44 million CGTs, or 32 percent of the total, with China's reaching 58.15 million CGTs with 48 percent.

Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 175.38 points in September, up 13.26 points from a year earlier, according to the data. (Yonhap)