South Korea is likely to come out on top in annual ship orders this year for the first time in seven years.

According to British research firm Clarkson Research Services, South Korean shipbuilders won 45 percent of total ship orders placed globally between January and October at over 23 million compensated gross tonnage(CGT). 

Korea surpassed ten million CGT in the amount of orders already in September for the first time since 2015.

China logged 31 percent of global orders through October at just over seven million CGT.

This raises prospects of South Korea outpacing China in annual ship orders for the first time since 2012 after maintaining second place over the past six years.