New market data shows that Japanese shipbuilders are quickly catching up to their South Korean counterparts in terms of order backlog.

According to Britain-based data provider Clarkson Research Services on Tuesday, the order backlog held by South Korean shipbuilders was tallied at 23-point-87 million compensated gross tons(CGT) as of the end of last month, compared with 22-point-13 million CGT for Japanese shipbuilders.

It is the slimmest margin by which South Korea is leading Japan since the margin of one-point-58 million CGT in March of 2003.

The CGT difference between the two countries has quickly narrowed this year from five-point-51 million in January to four-point-49 million in March and three-point-93 million in May to one-point-74 million early this month.

An industry source said should the current trend hold up, it is possible Japan will overtake South Korea in order backlog within three or four months.