Figures from Clarkson Research Services have revealed that South Korean shipbuilders' skill in constructing higher-value vessels has seen them land contracts worth almost four times those awarded to Chinese yards, reports Bloomberg.
South Korea won US$37.8 billion of orders in the first eight months of 2011, compared with $10.3 billion for China, Clarkson said in its World Shipyard Monitor, released on September 16.
The report states that this year shipowners are ordering higher-value offshore, container and gas vessels, where South Korean yards have capabilities and expertise. New contracts had fallen worldwide in 2011, particularly for dry-bulk ships and tankers, in which China specialises.
Nonetheless, China is still building more ships this year than South Korea. Chinese builders won the most contracts and the highest value of orders for the first time in history in 2010.
