S. Korea ranks 1st in global shipbuilding orders in Jan.
South Korean shipyards clinched orders totaling 900,000 compensated gross tons for 13 ships, accounting for 62 percent of the global total at 1.46 million CGTs last month, according to London-based Clarkson Research Services.
China ranked No. 2 with 270,000 CGTs for 21 vessels, taking up 19 percent of the global total.
South Korea's monthly performance marks a significant improvement from December, when it accounted for 6 percent of global orders, while China accounted for 82 percent of all new orders.
In terms of order backlog, China ranked first with 91.51 million CGTs, or 58 percent of the global total at 156.79 million CGTs as of end-December, which was down 1.32 million CGTs from a month earlier.
South Korea ranked second with 37.02 million CGTs, accounting for 24 percent of the world total.
Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, came to 189.38 last month, up 0.22 point from a year ago. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
2 hours ago
- Korea Herald
S. Korea's top diplomat abruptly flies to US for Lee–Trump summit
South Korean Foreign Minister Cho Hyun abruptly departed for Washington on Thursday, four days ahead of the first summit between the current leaders of South Korea and the United States. Cho's rush to Washington means he will not be part of President Lee Jae Myung's official entourage for a meeting with Japanese Prime Minister Shigeru Ishiba in Tokyo on Saturday. Cho's early departure for Washington was decided the previous day and was so hasty that he could not secure a direct flight to Washington and had to take a connecting route, The Korea Herald learned from diplomatic sources. The South Korean top diplomat's abrupt change of plans has raised concerns over whether it signals potential red flags for the upcoming in-person meeting between Lee and US President Donald Trump on Monday in Washington. However, officials downplayed the notion, saying that Cho's early departure does not indicate any problems in the Lee–Trump summit. "Minister Cho is scheduled to arrive in Washington ahead of the summit to conduct a final on-site review with US counterparts, taking into account the significance and weight of this being the first Korea-US summit since the launch of the two new administrations, and to ensure more thorough and meticulous preparations," a Foreign Ministry official said on condition of anonymity. Cho's early trip to the US was made at South Korea's suggestion with the idea that in-person consultations would be more effective, and not at Washington's request, The Korea Herald learned from diplomatic sources. Director General for North American Affairs Hong Jee-pio had already departed for Washington on Thursday morning as part of Cho's delegation. Trade Minister Yeo Han-koo and Industry Minister Kim Jung-kwan have also already departed for the US, but they will not be following the same schedule as Cho in Washington, The Korea Herald additionally learned.
Korea Herald
4 hours ago
- Korea Herald
Postal service to halt US shipments over tariff exemption removal
The national postal service said Thursday it will stop accepting packages bound for the United States starting next week in line with a US suspension of a duty-free policy for international shipments. The move comes as the US is set to end the so-called de minimis exemption, under which low-cost parcels from overseas valued at $800 or less can be shipped to the country without tariffs. All international shipments will face a 15 percent tariff starting Aug. 29. The postal service will stop receiving US-bound air freight packages starting Monday and all parcels shipped via the Express Mail Service starting Tuesday. The move does not affect shipments of documents and correspondence. Customers will still be able to send packages to the US via the premium EMS service, which imposes tariffs on the recipient. The postal service vowed to draw up measures to minimize customer inconvenience and urged people planning to send parcels to the US to thoroughly prepare necessary shipping documents. (Yonhap)
Korea Herald
6 hours ago
- Korea Herald
Seoul shares rebound on defense, shipbuilding gains
South Korean stocks closed higher Thursday, snapping a three-day losing streak, as institutional investors scooped up defense and shipbuilding shares following a mixed finish on Wall Street. The local currency slightly weakened against the US dollar. The benchmark Korea Composite Stock Price Index gained 11.65 points, or 0.37 percent, to close at 3,141.74. Trade volume was light at 272.3 million shares worth 10.69 trillion won ($7.64 billion), with winners outnumbering losers 514 to 360. The index opened higher after hitting a six-week low in the previous session. It extended gains on the back of strong institutional buying, although it trimmed some of the earlier advances. Institutions purchased local shares worth 227.8 billion won, while retail and foreign investors dumped 259 billion won and 83.6 billion won, respectively. Overnight, the US stock indexes ended mixed after tech heavyweights pared most of their earlier steep losses as investors eyed the Jackson Hole economic policy symposium, slated for Friday, where Federal Reserve Chair Jerome Powell will make a speech on his outlook for the economy. The S&P 500 dipped 0.2 percent, while the Dow Jones Industrial Average added 0.1 percent. The tech-heavy Nasdaq composite fell 0.7 percent. In Seoul, large-cap stocks ended mixed, with the defense, nuclear power and shipbuilding sectors leading the gains. Defense shares traded strong on expectations of rising global arms demand. Defense powerhouse Hanwha Aerospace gained 2.21 percent to 834,000 won. Nuclear power plant builder Doosan Enerbility jumped 7.14 percent to 61,500 won, following a dip the previous day, while leading shipbuilder HD Hyundai Heavy Industries gained 4.77 percent at 472,000 won. Lee Kyung-min, an analyst at Daishin Securities, said ahead of President Lee Jae Myung's visit to the United States next week that there was bargain-hunting in several sectors. "The rebound in sectors such as nuclear power, defense and shipbuilding -- which had led the recent downturn -- helped lift the index," Lee said. Chip giant Samsung Electronics edged up 0.14 percent to 70,600 won, while its rival SK hynix slid 4.11 percent at 245,000 won, continuing a five-day losing streak. Leading battery maker LG Energy Solution went down 1.32 percent to 372,500 won after opening higher The local currency was quoted at 1,398.3 won against the greenback at 3:30 p.m., down 0.1 won from the previous session. (Yonhap)
