Global ship orders contracted sharply in July as South Korean shipbuilders secured 16% of the monthly market share, while Chinese competitors claimed 81% of total compensated gross tonnage (CGT), according to data released by Clarkson Research Services. Worldwide shipbuilding orders for July totaled 3.57 million CGT across 137 vessels, representing a 56% drop from June’s total of 8.03 million CGT and a 22% decrease compared to July of the previous year.
July Market Performance and National Breakdown
In contrast, Chinese yards booked 290만CGT across 111 vessels, capturing an 81% market share. Chinese order volumes for the month exceeded South Korean totals by more than five times.
Despite the monthly slowdown, cumulative figures for the first seven months of the year demonstrated robust overall growth for the global shipbuilding sector. Total worldwide orders from January to July reached 5천93만CGT across 1,778 vessels, marking a 65% increase from the 3천95만CGT recorded during the same period in the prior year, according to Clarkson Research Services data.
Cumulative January-to-July Order Trends
South Korean shipbuilders accumulated 870만CGT across 218 vessels during the first seven months of the year, capturing a 17% market share. This performance represents a 61% increase compared to the same timeframe in the previous year, according to Clarkson Research Services. Meanwhile, Chinese shipyards experienced a 107% surge, booking 3천802만CGT across 1,394 vessels to capture 75% of global orders over the seven-month period.
Global order backlogs continued to expand, reaching 2억1천175만CGT by the end of July, an increase of 232만CGT from the previous month. China accounted for 1억4천22만CGT, or 66% of the total backlog, while South Korea held 3천823만CGT, representing an 18% share. Compared to the previous month, South Korea’s order backlog decreased by 48만CGT, while China’s backlog increased by 361만CGT, according to Clarkson Research Services.
Vessel Pricing and Newbuilding Index
Vessel prices remained elevated through July, supported by sustained demand for specialized commercial carriers. The Clarkson Newbuilding Price Index reached 185.49 points at the end of July, edging up 0.34 points from June and standing 29% higher than the 143.95 points recorded in July five years prior, according to Clarkson Research Services.
Pricing benchmarks for specific vessel types highlighted the high valuation environment. Liquid natural gas (LNG) carriers were priced at $2억4천850만, very large crude carriers (VLCCs) stood at $1억3천50만, and ultra-large container ships ranging from 2만2천 to 2만4천 TEU reached $2억5천950만, according to data from Clarkson Research Services.