S. Korean shipbuilders fall far behind Chinese rivals in Jan.

  South Korea failed to regain its status as the world's leading shipbuilding nation in January as it lagged behind China in key indicators, data showed on Wednesday.

   According to London-based market researcher Clarkson Research, South Korean shipbuilders won a combined 356,398 compensated gross tons (CGTs) in new orders last month, while Chinese shipbuilders

clinched a total of 1.07 million CTGs.  

   South Korean shipyards accounted for 23 percent of the total orders placed globally last month, while Chinese rivals made up 69.4 percent, it said.

   Last year, South Korean shipbuilders' share in the global shipbuilding market stood at 34.8 percent in terms of new orders received, behind the 47.7 percent for Chinese shipbuilders.

   The data also showed that South Korean shipyards' order backlogs came to 43.67 million CGTs, far lower than 52.72 million CGTs for Chinese shipbuilders.

   In terms of order value, South Korean shipbuilders were also outpaced by their Chinese rivals. South Korean shipbuilders won deals valued at a combined $719 million last month, lower than the comparable figure of $1.73 billion for Chinese shipyards, the research institute said.

   South Korean shipbuilders built 1.16 million CGTs last month, while Chinese shipbuilders constructed 1.64 million CGTs, it said.

   In 2003, South Korea became the world's top shipbuilding nation by outstripping Japan in three key categories -- shipbuilding volume, order backlogs and new orders.

   But Chinese rivals outpaced South Korean shipyards in the number of new orders received and order backlogs in 2009 and 2010 as they gobbled up new orders at cheap prices, while their South Korean counterparts have continued to focus on high-priced vessels and offshore facilities. (Yonhap News)