Orders for new Korean ships jump 88.7 pct through Sept.
SEOUL, Oct. 8 (Yonhap) -- South Korean shipbuilders, led by Hyundai Heavy Industries Co., saw their combined orders for new ships soar 88.7 percent in the first nine months of the year, industry data showed Tuesday.
According to data compiled by London-based market researcher Clarkson Research Services, South Korean shipbuilders won a combined 10.87 million compensated gross tons (CGTs) in new orders in the January-September period, compared with 5.76 million CGTs a year earlier.
The figure for the South Korean shipbuilders accounted for 36 percent of the total new orders placed globally in the first nine months of the year, compared with 31 percent a year earlier, the data showed.
Chinese shipbuilders clinched 11.68 million CGTs in the first three quarters, a 83.4 percent surge from a year earlier, and took a 38.7 percent share of the new orders placed during the cited period, according to the data.
All told, global shipbuilders' combined orders for the three cited quarters surged 62.6 percent on-year to 30.22 million CGTs, they showed.
Meanwhile, new shipbuilding prices also showed signs of a recovery, according to the data.
Clarkson's index measuring new building prices stood at 129 in August, rising incrementally from 128 in July and 127 in June, spawning speculation that the sector may recover this year.
Since November last year, the shipping research center's index has remained static hovering around 125 points.
The index stood at 142.2 in 2011, but fell to 139 points in 2011 and 126.3 points in 2012.
"New shipbuilding orders have been on a steady rise, hitting the bottom," said an official at Hyundai Heavy Industries, the world's largest shipbuilder. "But new shipbuilding prices still remain low compared with two years ago, which means a meaningful recovery is not in the offing."