Why are new orders declining? Is it because of too many orders the previous year?
Here is the stat of ship industry 2022, the columns are world, South korean, Japan and China respectively.
Basically you have three stats, shipbuilding output which is the first two rows, new order which is the next two rows, and total unfinished order which is the last two rows. You can see that the number in the last two rows is much larger.
Usually there will be a cycle in which in some years China get a lot of new orders, and in next year SK get a lot of new orders. But now everybody in the industry is getting orders, because the global demand for new ships is huge.