China overtakes Korea as world's top shipbuilder in 2010

SEOUL, Jan. 12 (Yonhap) -- South Korea lost its status as the world's leading
shipbuilding nation to China in 2010 for the second straight year as it lagged
far behind the neighboring country in key indicators, data showed Wednesday.
According to London-based market researcher Clarkson Research, South Korean
shipbuilders won a combined 11.77 million compensated gross tons (CGTs) in new
orders last year, while Chinese shipbuilders clinched a total of 15.9 million
CTGs.
But in terms of order value, South Korean shipbuilders outpaced Chinese rivals.
South Korean shipbuilders won deals valued at a combined $30.61 billion last
year, higher than the comparable figure of $28.29 billion for Chinese shipyards,
the research institute said.
South Korean shipyards' order backlogs came to 44.88 million CGTS, far lower than
52.72 million CGTs for Chinese shipbuilders, according to Clarkson.
"For the year, South Korean shipyards are expected to win more orders for
large-scale container vessels and offshore facilities in line with economic
recovery, which will help narrow gaps with Chinese rivals," said an official at
Hyundai Heavy Industries Co., South Korea's leading shipbuilder.
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 as Chinese shipbuilders gobbled up new orders
at cheap prices, while their South Korean counterparts have continued to focus on
high-priced vessels and offshore facilities.
sam@yna.co.kr
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