Chinese Shipbuilders Bag 80 Pct of November Orders

The Chinese shipbuilders seem to have been the preferred choice of global owners when it comes to ordering new ships in November, leaving South Korean competitors far behind.

According to Clarksons data, cited by Yonhap news agency, the November order book of Chinese shipbuilders comprised of 1.46 million compensated gross tons (CGTs), accounting for 80 percent of the total orders placed in November worldwide.

On the other hand, South Korean shipbuilders had the lowest order intake in November in the last six years, having received a total of 79,834 CGTs.

However, looking at the figures for 11 months of this year, South Korean builders still hold the lead with 9.92 million CGTs. Chinese counterparts have secured a firm second place with 8.82 million CGTs, followed by Japan with 6.77 million CGTs.

The data comes on the back of pilling losses recorded by South Korean top three shipbuilders, Hyundai Heavy Industries (HHI), Samsung Heavy Industry (SHI) and Daewoo Shipbuilding and Marine Engineering (DSME).

DSME was hit the hardest having posted USD 1.2 billion net loss for the quarter ended September 30, as falling number of newbuilding orders and further delivery delays in the offshore segment continued their negative effect on shipbuilders’ financial results.

HHI reported a net loss of USD 398.4 in its earnings report for the third quarter, and only SHI managed to stay profitable with USD 45 million net profit in Q3. Even though SHI remained in the black, the results show a major drop in earnings, namely of 70.7 percent, when compared to last year’s figures.

World Maritime News Staff

 

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