Selectivity, Backlog Play Major Roles In Low Korean Shipbuilding Orders

South Korean shipyards had won 1.7 million in compensated gross tons (CGTs) of shipbuilding orders during the first quarter of this year, down 32.6 percent from a year ago, the Korea Shipbuilders' Association said on Wednesday.

It said in a statement ship construction by Korean companies in the January-March period was 1.85 million CGTs, up 24.1 percent from a year earlier. Shipbuilding orders fell as Korean yards, which were already fully booked for two and a half years, turned more selective in picking up new orders.

Order backlog of Korean shipbuilders was 16.3 million CGTs at the end of March, against 13.4 million CGTs a year earlier, the association said.