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Global orders for new ships plunged in February 2020

Enlarged font  Narrow font Release date:2020-03-15  Browse number:12
Note: Affected by the new coronavirus outbreak in the global new shipbuilding market, orders for new ships around the world pl
 Affected by the new coronavirus outbreak in the global new shipbuilding market, orders for new ships around the world plunged in February, with Chinese shipping companies receiving only one order and dropping to fourth place in the global ranking from first place in January.

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Clarkson's latest figures show global orders for new ships totalled 18, 000 CGT in February, down almost half from 33, 750,000 CGT in January.


Among them, south Korean shipping companies received the most orders, reaching 8 vessels of 200,000 CGT, accounting for 67% of the global market share. A rare second place went to the Philippines, with four orders of 60,000 CGT, or 19 per cent of the global total. Japan ranked third with a total of 30,000 CGT, accounting for 10% of the total. In addition, samsung heavy won an order for three shuttle tankers on Feb. 28, which is not included in South Korea's February order statistics.


Chinese shipping companies only received orders for one 8000GT680TEU container ship, dropping to fourth in the world. By contrast, in January, Chinese shipping companies received nearly 70 per cent of the world's orders for new ships, with 22 orders for 510,000 CGT, the most in the world.


Analysts attributed the sharp drop in orders to the outbreak in February that forced Chinese shipping companies to stop normal operations.

By the end of February, global handhelds orders totaled 74.07 million CGT, a month-on-month decrease of 1.6 million CGT. Among them, handhelds orders from China, Japan and the republic of Korea decreased by 230,000 CGT (1%), 470,000 CGT (4%) and 680,000 CGT (3%), respectively.


China's shipping companies still ranked first in the world with 26.16 million CGT orders, accounting for 35% of the global market share. South Korea ranked second with 21.28 million CGT, accounting for 29%. Japanese shipping company third, hand - held order for 10.91 million CGT, accounted for 15%.


Global deliveries of new ships fell 66 percent in February to 1.17 million CGT. That was down 66% from 3.49 million CGT in January. Notably, Chinese shipping companies completed only three 60,000 CGT vessels in February, down 96 per cent from 1.45m CGT in January. The completion volume of Korean shipping enterprises was 490,000 CGT, down 64% from the previous month. Japanese shipping companies completed 320,000 CGT, a 39% decrease from the previous month.


Industry analysis, with the spread of the new coronavirus outbreak, the new shipbuilding market is expected to increase uncertainty this year. In addition, due to the collapse of international oil prices, the market for high-value-added Marine equipment and LNG tanker may come to a standstill. The industry is concerned that while these adverse factors will not be immediately apparent, they may affect shipowners to delay or even stop orders.

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