Seoul, Jan 26 (IANS): Three South Korean shipbuilders were on the list of the world's top 10 companies by new global orders in 2024, while the remaining seven spots were claimed by Chinese shipyards, industry data showed on Sunday.

Samsung Heavy Industries ranked fifth on the list, based on new orders measured in compensated gross tons (CGTs), and Hanwha Ocean Co. and HD Hyundai Samho Heavy Industries Co. followed in sixth and seventh places, according to the data by London-based Clarkson Research Services.

China's New Times Shipbuilding was on the top, followed by Hudong–Zhonghua Shipbuilding, New Yangzijiang and Hengli Heavy Industry, reports Yonhap news agency.

Dalian Shipbuilding, Waigaoqiao Shipbuilding and Jiangnan Shipyard placed eighth to 10th.

In terms of order backlog, however, South Korean companies led the field

HD Hyundai Heavy Industries Co. ranked first globally with 8.93 million CGTs as of January. Samsung Heavy Industries Co. followed with 8.72 million CGTs and Hanwha Ocean placed third with 8.49 million CGTs. HD Hyundai Samho secured the sixth spot in this category.

Insiders noted that the results highlight South Korean shipbuilders' performance in securing large-scale orders and maintaining significant backlogs to ensure steady production in the coming years.

In December last year, Hanwha Group completed a $100 million acquisition of Philly Shipyard, a leading US shipbuilder for commercial and government projects.

Philly Shipyard was established in 1997 on the site of a former U.S. Navy shipyard in Philadelphia. It has been newly named Hanwha Philly Shipyard, Yonhap news agency reported.

The shipyard specialises in constructing coastal transport vessels and has supplied approximately 50 per cent of large commercial vessels subject to the US Jones Act, including petrochemical carriers and container ships.

Hanwha Philly Shipyard plans to create a significant number of local jobs, expand the yard's capabilities and scale into new markets, the group said.