For the first time since the dawn of the new millennium Japanese yards have overtaken their Korean rivals in terms of orderbook and market share.
According to Clarkson Research data released yesterday, the shipbuilding orderbook held by Korean shipyards stood at 19.92m cgt (473 units) as of the end of December 2016, while Japanese shipyards had an orderbook of 20.96m cgt (835). China remains out on top.
During their heyday in 2008, Korean shipbuilders had an order backlog 30m cgt bigger than their Japanese counterparts. This is also the first time since 2003 that Korea’s order backlog has fallen below 20m cgt.