The number of orders won by South Korean shipbuilders fell 36 percent last year as global demand for new ships shrank due to a tumble in oil prices, industry data showed Friday.
The data by global market researcher Clarkson Research Services said South Korean shipbuilding companies took orders totaling 11.78 million compensated gross tons (CGTs), or 305 ships, ranking it second in the industry for the fifth consecutive year. China retained its top ranking for the same period.
The plunge in oil prices caused new orders for ships worldwide to fall 34.7 percent to 39.70 million CGTs last year compared with 2013, the data said.
Market share for South Korean companies came to 29.7 percent in 2014, falling from the preceding year when it was 30.5 percent.
Their Chinese rivals won orders of 15.31 million CGTs, or 801 ships, with their market share reaching 41.5 percent.
Japanese shipbuilders expanded their share in the global ship market. They took up 19.7 percent in 2014 by getting orders of 7.83 million CGTs, up from 17 percent in 2012 and 17.4 percent in 2013.
The weakening of the Japanese yen and the Japanese government's support for the shipbuilding industry contributed to the rise, market watchers said.
In terms of order backlog, which refers to work waiting to be fulfilled, the South Korean builders posted 32.23 million CGTs last year, down 3.1 percent from a year ago.
By comparison, Chinese and Japanese shipbuilders recorded 46.04 million CGTs and 19.91 million CGTs, respectively, up 5.6 percent and 11.7 percent from the previous year. (Yonhap)
