South Korean shipbuilders have clinched half of all new global ship orders in the first quarter of the year to take the top ranking.

According to global market researcher Clarkson Research Service, local shipyards secured 4-point-five-seven million compensated gross tons in new orders between January and March, equal to 50 percent of the global total.

This is the first time in seven years that South Korea has ranked first in new global orders for the first quarter and also the first time that the nation’s share of the global market has reached 50 percent during the period since Clarkson began tracking data in 1996.

Chinese shipbuilders were close behind in the three-month period, earning 42 percent of the world total.