South Korean shipbuilders stayed far behind their Chinese rivals in new global orders in September amid plunging demand, industry data showed Friday.
Local shipyards won a combined 120,000 compensated gross tons (CGTs) in new orders last month, accounting for 6% of the global total at 1.86 million CGTs, according to the data from global market researcher Clarkson Research Service.
The global total, or 71 vessels, was 59% lower than that from a year earlier.
Chinese shipyards far outpaced South Korean players, clinching 1.53 million CGTs in new orders, or 82% of the total.
Last month, South Korean shipbuilders clinched orders to construct 4 vessels, compared with Chinese rivals' 62 ships.
In the first nine months of the year, global orders totaled 30.14 million CGTs, or 1,196 vessels, down 23% from a year earlier.
South Korean shipyards bagged 7.42 million CGTs, or 25% of the total, with Chinese rivals winning 17.99 million CGTs, or 60%.
The data also showed the global order backlog reaching 122.19 million CGTs at the end of September, up 360,000 CGTs from a month earlier.
South Korea's order backlog stood at 39.44 million CGTs, or 32% of the total, with China's reaching 58.15 million CGTs with 48%.
Clarkson's Newbuilding Price Index, a barometer of price changes in newly built ships, stood at 175.38 points in September, up 13.26 points from a year earlier, according to the data.