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Shipbuilding at historic lows

The global order book for new shipbuilding dropped to a historic low.

The global order book totaled 269 ships (or 5.75 million compensated gross tons) between January and June, Yonhap reported, citing data from Clarkson Research Service. This figure is the lowest since 1996, the lowest since analyst companies began collecting such data. Compared to 2019, the order book has "lost weight" by 42%. More historical facts are here https://www.zalivdesign.com/.

Falling number of orders

In the first half of the year, Chinese shipyards received orders for the construction of 145 ships (or 3.5 million compensated gross tons).

This amounts to 61% of all world orders. South Korean shipbuilding companies are on the second place. Their order portfolio for this period is 37 ships (or 1.1 mln. compensated gross tons). Japanese occupy the third place with 36 ships (570 thousand compensated gross tons).

Global orders totaled 30 vessels (820,000 compensated gross tons) in June. This is 26% more than in May and 51% less than last year.

Chinese shipyards received orders for 16 ships (or 460 thousand compensated gross tons), Korea - 4 ships (250 thousand compensated gross tons).

However, according to experts, the situation may improve as orders for LNG tankers are expected.

For reference: compensated gross tonnage is an indicator of the amount of work required to build a given vessel and is calculated by multiplying a ship's tonnage by a coefficient which is determined in accordance with the type and size of a particular vessel.