China’s Shipbuilders Rank First In New Global Orders In November 2022

China’s shipyards secured the first position in terms of new global orders received in November 2022 for shipbuilding, per reports from Yonhap news agency on Tuesday.

Per data shared by the Clarkson Research Service, seen by Yonhap, China’s shipyards have outperformed South Korea’s, reportedly capturing 1.56 million compensated gross tons (CGTs) in its new orders or 55% of the total.

The report highlighted that South Korea’s shipbuilders occupied the second position with 1.08 million CGTs in brand-new orders received last month, which accounted for 38% of the total of 2.86 million globally.

From January to November, new shipbuilding orders worldwide reportedly shrank by 23% to CGTs worth 39.11 million annually, per Yonhap.

Xinhua, a China-based state news agency, reported in late October 2022, citing authorities, that China continued to be the leading shipbuilder in the world in the first three quarters of this year, flaunting the largest international market share in terms of holding and new orders and output.

The country’s shipbuilding output hit 27.8 million deadweight tons in the period, which is 45.9% of the global volume, per the news agency.

Reference: windsorstar, urdupoint