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China Shipyards Rank First in Global Orders, Yet Profits Fell by 20 Percent

News Analysis China surpassed South Korea in receiving shipbuilding orders in 2021, ranking it first in the world. However, because most orders are for cheap container ships, coupled with soaring steel prices, profits in its shipbuilding industry dropped by at least 20 percent, industry insiders said. According to data by Clarkson Research Services, a British market research firm focused on the shipping industry, the global order volume of new ships in 2021 was 1846 or 45.73 million compensated gross tons (CGTs), of which China received 965 orders or 22.8 million CGTs, accounting for nearly 50 percent worldwide, and ranking it first in the world; South Korea was second with 403 orders or 17.35 million CGTs, or 38 percent of the total; while Japan ranked third with 9 percent of the total, reported Pulse News on Jan. 3, 2022. “We received a large number of orders early in the year [2021], but …

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