The global shipbuilding industry is showing signs of recovery with 84 newbuild orders of 1,490,793 cgt in March, according to a new report.

The orderbook jumped from 39 orders contracted in February this year, Clarkson Research Services said.

South Korean shipbuilders received 39 contracts of 788,299 cgt in March, doubling the 19 vessels of 396,771 cgt signed a month earlier.

South Korea has surpassed China for the fifth consecutive month by monthly new order intakes, with China securing 28 ship orders of 503,049 cgt in March.

The newbuild price for a 320,000dwt VLCC stands at $97.5m, up $0.5m from February, while the price for a new 158,000dwt Suezmax tanker is $63m, up $1.25m over the past two months.