Chinese Shipbuilders Rank 1st in New Global Orders in November, Reports Say

MOSCOW (Sputnik) - Chinese shipyards ranked first in terms of new global orders for shipbuilding in November, Korean news agency reported on Tuesday.

According to data provided by the Clarkson Research Service, seen by Korean news agency, Chinese shipyards outperformed South Korea's, capturing 1.56 million compensated gross tonnes (CGTs) in new orders, or 55% of the total.

South Korean shipbuilders ranked second with a combined 1.08 million CGTs in new orders last month, accounting for 38% of the global total of 2.86 million, the report said.

In January-November, new shipbuilding orders around the globe shrank by 23% in annual terms, to 39.11 million CGTs, according to reports.

Chinese state news agency reported in late October, citing authorities, that China remained the world's leading shipbuilder in the first three quarters of 2022, boasting the biggest international market share in terms of output and new and holding orders. The country's shipbuilding output reached 27.8 million deadweight tonnes in the period, which is 45.9% of the global volume, according to the news agency.