China may take top spot in global shipbuilding orders

Updated 2017-12-11 13:31:15 CGTN

China's shipyards may capture the top position for new orders worldwide in 2017, outpacing those in South Korea, South Korean newspaper Aju Business Daily reported on Friday, citing marine industry tracker Clarkson Research. This would be the seventh consecutive year that China would be number one in terms of annual cumulative order intakes.

Shipbuilders all over the world received 19.51 million CGT (compensated gross tonnage) new ship orders by November this year and China topped the list with 7.13 CGT, followed by South Korea's 5.74 CGT and Japan's 1.82 CGT, according to latest data from Clarkson, the report said.

Although the global shipbuilding market has shown signs of recovery this year, South Korea's mid-sized shipbuilding companies received sparse orders, newspaper The Korean Herald reported on Friday.

South Korea's Ministry of Finance announced that the government is drawing up a blueprint for speeding up the recovery and restructuring process for one of the country's key industries by early next year, the report said.

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