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Top 10 shipbuilding groups get 80% of orders! Integration accelerate
Since this year, the new shipbuilding market has recovered significantly and the order volume of new ships has grown rapidly. However, the world's top ten shipbuilding groups have secured nearly 80% of the new ship orders, while China's top five shipbuilding groups have secured 78% of the new ship orders. The order concentration is constantly improving, and the consolidation of the shipbuilding industry is accelerating.
According to a recent Clarkson report, in the first seven months of 2021, the world's top 10 shipbuilding groups received orders for 615 new ships totaling 23.4 million CGT, representing 79 percent of this year's total order book and up 4 percentage points from the same period last year. In terms of hand-held orders, the top ten shipbuilding groups held orders for 1,558 vessels totaling 60 million CGT, accounting for 71% of the global market share, much higher than 41% at the beginning of 2010 and 60% at the beginning of 2019.
According to The Clarkson data, Global top ten shipbuilding group, in turn, are now a hyundai heavy industries group (4 yards), China shipping group (20 yards), samsung heavy industries (1 shipyards), daewoo shipbuilding (1 shipyards), yangzijiang group (3 yards), cosco shipping heavy industry group (six yards), Fincantieri group (eight yards), today for shipbuilding (11 Shipyard), China Merchants Industrial Group (6 yards) and Meyer Neptun (2 yards).
According to the report, while the global handheld order volume has generally declined in recent years and is now at 84.5 million CGT, less than half of what it was at the beginning of 2010, the handheld order volume of the top 10 shipbuilding groups has been relatively stable, down only 17 percent from the beginning of 2010, and basically stable since the beginning of 2015. In addition, the top five shipbuilding groups account for more than half of global hand-held orders, up from 30 per cent at the start of 2010 to 54 per cent. At the same time, the non-top 10 shipbuilding groups have seen their orders fall sharply, down 76 per cent from 100m CGT at the start of 2010.
Mr Clarkson said there had been little change in the world's leading shipbuilding groups over the past decade, with only eight ever in the top five and 21 in the top ten.
In terms of shipbuilding countries, South Korea has seen the most consolidation, with its three largest shipbuilders (Hyundai Heavy Industries, Daewoo Shipbuilding and Samsung Heavy Industries) accounting for 95% of total hand-held orders as of the end of July. Orders held by China's top five shipbuilding groups (CSSC, Yangzijiang Shipbuilding group, COSCO Shipping Heavy Industries, China Merchants Industry and New Era Shipbuilding) accounted for 78 per cent, up 6 percentage points so far this year. Japan's top five shipbuilding groups account for 77 per cent of hand-held orders, up slightly this year.
Mr Clarkson believes the acceleration in global shipbuilding consolidation is partly due to growing demand for high-CGT vessels such as container ships and liquefied gas vessels, where smaller shipbuilding groups are struggling to win orders. By the end of July, container ships accounted for 27% of global hand-held orders, almost doubling year-on-year to 597 vessels totaling 5.2 million TEU 22.6 million CGT. In addition, LPG vessels increased their share of total hand-held orders to 19% from 16% in early 2020, driven by record orders for LPG vessels in 2021.
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