South Korea ranked second in the global ranking in shipbuilding orders last year, losing its top standing to China.

According to tentative data by England-based global market researcher Clarkson Research Services on Sunday, worldwide shipbuilding orders amounted to 45-point-73 million compensated gross tonnage (CGT) for one-thousand-846 vessels in 2021.

China ranked first as it secured 22-point-eight million CGT, or 50 percent of the global orders.

South Korea came in second, winning orders of 17-point-35 million CGT for 403 vessels and accounting for 38 percent of the global shipbuilding contracts.

The final data may slightly change after year-end orders are included, but the rankings are unlikely to change due to the large gap between the two nations.

South Korea had retained the top place for three straight years since 2018.

Last year's drop is attributed to the fact that South Korean shipbuilders selectively accepted orders for high value-added vessels and that 64 percent of the orders were signed in the first half of last year, although the shipbuilding industry usually sees orders concentrated in the second half.