S. Korean shipyards rank 2nd in new global orders in Aug.

South Korean shipbuilders lagged far behind their Chinese rivals in new global orders to place second worldwide in August amid sinking demand, industry data showed Wednesday.

Local shipyards won a combined 270,000 compensated gross tons (CGTs) in new orders last month, accounting for 13 percent of the global total at 2.05 million CGTs, according to the data from global market researcher Clarkson Research Service.

The global total, or 71 vessels, was 30 percent lower than that from a year earlier.

Chinese shipyards far surpassed South Korean players, clinching 1.68 million CGTs in new orders, or 82 percent of the total.

Last month, South Korean shipbuilders clinched orders to construct six vessels, compared with Chinese rivals' 60 ships.

In the first eight months of the year, global orders totaled 26.81 million CGTs, or 1,038 vessels, down 22 percent from a year earlier. South Korean shipyards clinched 7.25 million CGTs, or 27 percent of the total, with Chinese rivals winning 15.65 million CGTs, or 58 percent.

The data also showed the global order backlog reaching 121.3 million CGTs at the end of August, up 900,000 CGTs from a month earlier.

South Korea's order backlog came to 39.86 million CGTs, or 33 percent of the total, with China's reaching 57.02 million CGTs with 47 percent.

Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 173.56 points in August, up 11.44 points from a year earlier.

Source: Yonhap News Agency

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