The order backlog held by South Korean shipbuilders has fallen to the lowest level in more than a decade.

According to Britain-based data provider Clarkson Research Services, the order backlog across the world tallied 138-point-three million compensated gross tons(CGT) as of the end of February. It was two-point-zero-three million CGTs less than a month earlier.

China had the largest amount of unfulfilled orders totaling 37-point-69 million CGTs, while South Korea came in second with 28-point-44 million CGTs. Japan was third with 21-point-82 million CGTs.

It is the first time South Korean shipbuilders’ order backlog fell below 29 million CGTs since August 2004.

The order backlog, or orders that are in the process of being taken care of, is used to measure the level of demand for services provided by the whole industry or individual companies.