South Korea, usually at the top as the world’s largest shipbuilder, saw itself bested by China and Japan in the third quarter as the two countries outpaced Korea in new orders.
This according to data research firm Clarkson Research Services that shows China leading the world with 3.48 million gross tons in orders last month, followed by Japan with 2.36 million and Korea with 2.11 million.
South Korea led the world in terms of new orders between February and June, but dropped to second place in July and now to third according to the numbers for August.
China also has the largest order backlog, with 40.42 million CGTs, while South Korea ranks second at 32.08 million CGTs and Japan with 21.2 million CGTs, according to the Clarkson.
The drop in construction by South Korea is blamed on increased costs due to delays in the construction of offshore facilities –a big money maker for the Korean shipping industry, which is expected to recover in 2016.