Seoul: South Korea ranked second in new global shipbuilding orders in May, as indicated by industry data released Thursday. South Korean shipyards secured orders amounting to 250,000 compensated gross tons (CGTs) for eight ships, representing 15 percent of the global total of 1.66 million CGTs for the month.

According to Yonhap News Agency, China led the rankings with 640,000 CGTs for 42 vessels, capturing 39 percent of the global total. In terms of order backlog, China also held the lead with 96.39 million CGTs, which is 59 percent of the global total of 163.44 million CGTs as of the end of May. South Korea followed in second place with 36.3 million CGTs, comprising 22 percent of the total.

Clarkson's Newbuilding Price Index, which tracks price changes in newly constructed ships, registered at 186.69 for the month, showing a slight decrease of 0.42 points from the previous year.