The global shipbuilding industry’s faltering recovery has continued in early 2018, with exports from China, Japan and South Korea having increased 7% on a year earlier in January and February combined. South Korean yards led the way with a 25% rise to $5.1 billion for the two months combined, vs. a 6% drop for China’s. The latter should recover given the expansion in new orders seen recently. Japan’s yards saw a 2% expansion but may lag later in the year given COSCO Shipping (China’s national champion) has 443,799 TEUs of orders outstanding vs. Ocean Network Express’s 139,792 TEUs.