New global shipbuilding orders increased year-on-year in the first quarter of 2014

Abstract According to HIS statistics, as of March this year, the cumulative order volume for the Chinese shipbuilding industry reached 11.94 million GT (343 vessels), representing a two-fold increase compared to the same period last year. In the same timeframe, South Korea's order volume totaled 10.19 million GT (124 vessels), up by 54% year-on-year. Meanwhile, Japan’s order volume came in at 5.74 million GT (192 vessels), marking a significant 68% rise. Together, China, South Korea, and Japan accounted for 40%, 34%, and 19% of global orders, respectively. In the first quarter of 2024, bulk carrier orders amounted to 14.95 million GT (316 vessels), a 170% increase from the previous year. Oil tanker orders reached 6.51 million GT (128 vessels), up 46% year-on-year. Liquefied gas carriers saw 4.77 million GT (55 vessels) ordered, while liquefied natural gas (LNG) ships added 1.87 million GT (42 vessels). Looking at deliveries, the global new shipbuilding delivery volume for the first three months of the year totaled 18.01 million GT (739 vessels), a 20% decrease compared to the same period last year. China delivered 6.61 million GT (230 vessels), down 16% year-on-year. South Korea reported 5.34 million GT (89 vessels), a 33% drop, while Japan delivered 4.44 million GT (157 vessels), down 13%. As of the end of March, the global shipbuilding industry’s backlog stood at 198.55 million GT (6,354 vessels), reflecting a 23% year-on-year increase. This growth highlights the ongoing demand for new vessels despite a slight decline in delivery volumes during the early part of the year. The data suggests that the shipbuilding sector remains active, with strong performance in Asia driving much of the global market activity.