China surpassed South Korea to become the world's biggest shipbuilder by new orders in 2007, according to data compiled by Clarkson Plc, the world's largest shipbroker.
Chinese shipbuilders booked orders for 103.6 million deadweight tons of ships, compared with South Korea's 94.8 million, according to data from London-based Clarksons. Shipyards in China booked orders at historically high prices last year, more than tripling order backlogs at the nation's shipyards. Demand for vessels to carry Chinese imports of raw materials and exports of consumer goods is fueling earnings growth at shipbuilders including China State Shipbuilding Co., the nations biggest. The nation remained behind South Korea in new orders measured by compensated gross tons. Deadweight tonnage measures a finished ship's carrying capacity and doesn't reflect the cost of building a vessel or its sale price. Compensated gross tonnage is a measure that accounts for ship size and the time required and materials used for production.
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