Daewoo Shipbuilding takes top spot in order backlog
South Korea's shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) ranked number one in order backlog in January as of the end of January.
According to global research firm Clarkson Research Services, DSME has an order backlog of 6.6 million compensated gross tons (CGT) to build 99 ships.
It was followed by Japan's Imabari Shipbuilding with about six million CGTs, and Hyundai Heavy Industries with 5.97 million CGTs, or 188 vessels.
Hyundai Heavy Industries Co (HHI) maintained its status as the third-largest player in order backlog with 5.44 million CGTs, or 123 vessels. Samsung Heavy Industries came in at fourth place.
In spite of the Korean firms filling the top ranks, it's worrisome that the order backlog is only sustainable for about a year, pointed out industry sources.
An order backlog is a barometer of a shipyard's capacity and its future growth, but local shipyards have been suffering from a sharp drop in new orders.
Korea's top three shipbuilders posted a combined operating loss of over seven billion U.S. dollars in 2015.