Global ship orders declined by 38% in October compared with a year earlier, reflecting a continued slowdown in the international shipbuilding market. According to Clarksons Research data released on 7 November, orders totaled 2.91 million compensated gross tonnage (CGT) across 118 vessels, down 33% from September’s 4.37 million CGT.
Chinese shipyards accounted for 2.13 million CGT (98 ships), or 73% of all global orders, while South Korean shipbuilders secured 520,000 CGT (nine ships), representing 18% of the total.
From January through October, cumulative global orders reached 37.89 million CGT (1,392 vessels), a 43% decrease from 66.49 million CGT (2,768 vessels) during the same period last year. South Korean builders achieved 8.06 million CGT (182 ships), equal to 21%, while Chinese shipyards maintained a 59% share at 22.39 million CGT (895 ships).
As of the end of October, the global order backlog stood at 167.79 million CGT. China held 101.96 million CGT (61%), a decline of 630,000 CGT from the previous month, while Korea’s backlog increased by 500,000 CGT to 34.28 million CGT (20%). Compared with the same period last year, China’s backlog rose by 8.24 million CGT, and Korea’s fell by 3.46 million CGT.
The Clarksons Newbuilding Price Index was 184.87 in October, slightly lower than 185.58 in September. The index measures global shipbuilding prices, with 1988 set as 100.
By ship type, average newbuilding prices were $248 million for LNG carriers, $126 million for very large crude carriers (VLCCs), and $266.5 million for ultra-large container ships (22,000–24,000 TEU).
