Korean Shipyards Hog Order Backlogs

South Korea’s shipyards ranked Nos. 1 through 7 in terms of order backlogs worldwide as of the end of May for the second consecutive month, amid competition with rapidly expanding Chinese shipbuilders, a London-based market researcher said Tuesday. The seven domestic shipbuilders’ combined order backlogs amounted to 38.4 million compensated gross tons (CGT), accounting for 35 percent of 100.8 million CGTs globally. The world’s largest shipyard, Hyundai Heavy Industries, topped the list with an order backlog of 11.16 CGTs. Samsung Heavy Industries eclipsed rival Daewoo Shipbuilding & Marine Engineering for a second consecutive month with an order backlog of 8.28 million CGTs, while Daewoo had 7.5 million CGTs, Yonhap News Agency reported.