In 2009, China managed to bypass the volume of shipbuilding orders of South Korea, which had been a leader in recent twenty years. For the first time in its history China shipbuilders have outrun its major rival.

Last year, China won 44.4% of contracts while South Korea only 40.1%, with Japan coming third, according to Clarksons statistics.

In 2009 Chinese shipbuilding companies were contracted to build ships of total tonnage at 53.2 million CGT, South Korea - 52.8 million CGT.

"In fact, the Chinese shipbuilding industry today is not quite a very rosy picture," says Eugene Kolesov, CEO of Optim Consult.

"Among the 10 top global shipbuilders, are listed South Korea’s seven still leading in values and quality of its products. However, the Chinese have proved again that in the price battle they are still beating others", the expert said.

As to statistics from the China Research Institute of Shipbuilding, the value of new orders in 2009 in South Korea totaled more than $9 billion, in China - about half of that number.

In addition, 30% of Chinese orderbook faced delivery delays for an indefinite period and 65% of Chinese shipbuilders received no orders in recent months of 2009.

The local shipyards founded during recent economic slump have had no orders at all for 2010.

Source: Asiasis

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