54 ships: 2 ships! Chinese shipping company "completely explodes", South Korea continues to lead the way

Continuing its overwhelming advantage in April, Chinese shipping companies once again "completely exploded" South Korea in the new ship takeover battle in May, further widening the gap between the two sides.

According to data released by Clarkson on June 5th, the global new ship order volume in May this year was 62 ships and 1.8 million corrected total tons (CGT), a decrease of 51% year-on-year and 70% month on month in CGT terms. Among them, China has undertaken 54 ships and 1.54 million CGTs, occupying the top spot with an 85% market share; South Korea has undertaken 2 ships and 170000 CGTs, with a market share of 10%, ranking second.

However, the South Korean industry has stated that this is due to the selective order taking strategy adopted by South Korean shipping companies under sufficient workload. From the single ship CGT that took on new ships in May, South Korea had 85000 CGT, far higher than China's 29000 CGT.

From January to May this year, the cumulative global transaction volume of new ship orders was 726 ships and 2012 million CGT, representing a year-on-year increase of 6% in CGT. Among them, China undertook 479 ships and 12.3 million CGTs, a year-on-year increase of 20%, with a market share of 61%, ranking first; South Korea undertook 121 ships and 5.61 million CGTs, a year-on-year increase of 16%, ranking second.

In the past three years, China has suppressed South Korea for three consecutive years and won the global annual new ship order volume championship. In 2021 and 2022, China's market share was close to 50%, ranking first, while South Korea's market share was also 38%, ranking second. In 2023, China's order volume has accounted for 58.9% of the global market, while South Korea's market share has dropped sharply to 24.1%.

Since entering 2024, China and South Korea have once again engaged in fierce competition in the global shipbuilding market. China has taken the lead in the takeover battles in January, March, and April, but only fell behind in February this year due to the impact of the spring vacation. Especially in April, Chinese shipping companies received 91 orders of 3.58 million CGTs, with a market share of 76%; South Korea has only 13 ships with 670000 CGTs, which is only one-fifth of China's.

As of the end of May this year, the global order volume for handheld new ships was 133.12 million CGT, an increase of 2.25 million CGT compared to the previous month. Among them, China's order volume for new ships reached 67.84 million CGT, an increase of 2.31 million CGT month on month and 10.11 million CGT year on year, continuing to hold the first place with a market share of 51%; The number of orders for new ships held by South Korea was 39.07 million CGT, a decrease of 20000 CGT compared to the previous month and an increase of 140000 CGT compared to the same period last year, with a market share of 29%, ranking second.

It is worth mentioning that the prices of new ships in May this year continued to rise. At the end of May this year, the Clarkson Newbuilding Price Index was 186.42 points, a 10% increase from 170.1 at the end of May last year and a 46% increase from 127.32 in May 2020.

According to ship types, LNG transport ships with a volume of over 174000 cubic meters are worth 264 million US dollars, ultra large crude oil transport ships (VLCC) are worth 130 million US dollars, and ultra large container ships are worth 267.5 million US dollars.