S. Korea ranks 1st in global shipbuilding orders in March
South Korean shipyards clinched orders totaling 820,000 compensated gross tons for 17 ships, accounting for 55 percent of the global total at 1.5 million CGTs last month, according to London-based Clarkson Research Services.
China followed with 520,000 CGTs for 31 vessels, taking up 35 percent of the global total.
In terms of order backlog, China ranked first with 93.97 million CGTs, or 59 percent of the global total at 159.6 million CGTs as of the end of March, making a 1.52 million CGT increase from a month earlier.
South Korea ranked second with 36.12 million CGTs, accounting for 23 percent of the total.
Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, came to 187.43 last month, up 4.26 points from a year ago. (Yonhap)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
14 hours ago
- Korea Herald
S. Korea's flight delay rate slightly rises to 23.6% in first half
Nearly one in four flights operated by South Korean airlines in the first half of the year experienced delays in their departures or arrivals, data showed Sunday. The average delay rate for domestic and international flights operated by 10 domestic airlines from January to June stood at 23.6 percent, according to the data from the transport ministry and Korea Airports Corp. Of the 329,736 flights operated in the first half, 77,700 were delayed. A flight is considered delayed when it departs or arrives 15 minutes past its scheduled time. The delay rate for the first half marks a 1 percentage point increase from the same period last year. The delay rate for international flights gained 3.1 percentage points over the cited period, while that of domestic flights dropped by 1.4 percentage points, the data showed. The increase in the delay rate was partly attributed to a record number of international flights in the first half of the year, which stood at 264,254, leading to airport congestion, along with frequent turbulence and airspace restrictions on international flight paths. By airline, Air Seoul reported the highest delay rate of 36.5 percent, suggesting more than one in three flights experienced delays in departures or arrivals. An Air Seoul official said some of the delays had occurred due to safety inspections, adding the airline will strive to minimize customer inconvenience in the second half. (Yonhap)
Korea Herald
a day ago
- Korea Herald
Industry minister ends 2-day tariff talks with Lutnick without results
South Korean Industry Minister Kim Jung-kwan has wrapped up his two-day tariff talks with US Commerce Secretary Howard Lutnick, without tangible results, sources said Saturday. Kim and Lutnick's second-day meeting, which took place at Lutnick's residence in New York, finished late Friday night (US time) without solid results, according to the sources familiar with the matter. The two had also met the previous day in Washington to discuss pending trade issues, including tariffs, non-tariff measures and industrial cooperation. In Friday's meeting, Kim is said to have presented a revised proposal to narrow their differences on contentious items, including the $100 billion investment plan by Korean companies in the US and what Washington calls "trade barriers" on beef and rice imports by Seoul. The Donald Trump administration has reportedly been pressuring Korea to lift its import ban on American beef from cattle aged 30 months or older and expand rice imports from the US. However, the advanced proposal appears to have fallen short of satisfying Lutnick, as the sources indicated South Korea needs further "internal discussions" based on the results of this week's negotiations. The presidential office is reportedly planning to hold another trade strategy meeting later in the day to discuss the next steps toward securing a tariff deal with the US, following a similar session held the previous day. South Korea faces added pressure in the negotiations as Japan, one of its major export competitors, recently concluded a trade deal with Washington that lowered reciprocal tariffs to 15 percent in exchange for further opening of its markets to American automobiles and agricultural products, along with a $550 billion investment pledge. The Trump administration has warned Korea will be subject to a 25 percent reciprocal tariff unless it reaches a deal before Aug. 1. Meanwhile, Kim also met with US Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who doubles as chairman of the National Energy Council, this week to discuss strengthening cooperation in areas such as liquefied natural gas, energy security and critical minerals, according to his office. Trade Minister Yeo Han-koo also held separate meetings with US Trade Representative Jamieson Greer and Texas Gov. Greg Abbott in a bid to make progress in trade negotiations. (Yonhap)
Korea Herald
2 days ago
- Korea Herald
US continues to have 'productive' talks with S. Korea to reduce 'unfair' trade barriers: White House
WASHINGTON -- US President Donald Trump's administration continues to have "productive" negotiations with South Korea to reduce "unfair" trade barriers and enhance market access for US businesses, a White House official said Friday. South Korea has been making concerted efforts to reach a trade deal with Washington to reduce the threatened 25 percent "reciprocal" tariffs and sector-specific tariffs on steel and automobiles before Aug. 1, when the reciprocal tariffs are set to take effect. "We continue to have productive negotiations with South Korea to reduce unfair trade barriers and improve market access for American firms," the official told Yonhap News Agency via email. The official's characterization of the negotiations as "productive" raised cautious hope for headway in the trade talks, as Seoul has made proposals for bilateral cooperation in key strategic industry sectors, including shipbuilding, semiconductors and batteries. On Thursday, South Korea's Industry Minister Kim Jung-kwan and Trade Minister Yeo Han-koo met jointly with US Commerce Secretary Howard Lutnick in Washington as part of their efforts to reach a trade deal with the Trump administration. Seoul's Finance Minister Koo Yun-cheol and Yeo had planned to have a "two-plus-two" meeting with Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer in the US capital on Friday, but the meeting was postponed due to a scheduling conflict on Bessent's part. Earlier in the day, Trump said that his administration will have most of its trade deals with countries finished by Aug. 1. The president also said his administration might send close to 200 countries a letter on their tariff rate, which he said means, "They have a deal. It's done." (Yonhap)
