China overtakes Korea in shipbuilding

The three major indicators for shipbuilding – order backlogs, new orders and completion and delivery – suggest that China has passed Korea and is now forging ahead.
But first, a definition of CGT, which is compensated gross tonnage. This is calculated by applying a conversion factor, which reflects the amount of work required to build a ship, to a vessel’s gross registered tonnage. It is used for measuring shipbuilding activity.
According to Clarkson Research Services, China posted 51.93 million CGT in order backlogs and accounted for 36.4% of the market share as of early October, the largest amount in its history. Meanwhile, Korea recorded 46.16 million CGT in backlogs and claimed 32.4% of the market, which puts China ahead by 4.0%.
Motorship reports that the gap between the sizes of Korea and China’s backlogs has been widening since last November, when China overtook Korea for the first time by 0.9%.