South Korea's Shipbuilding Dominates Half of Global Ships in July... China at 30%

LNG Carrier Orders Drive Boom... First Ever 100 Ships Surpassed This Year

A 13,000 TEU-class container ship built by Samsung Heavy Industries. Photo by Samsung Heavy Industries

[Asia Economy Reporter Choi Seoyoon] South Korea's shipbuilding industry, including Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering, and Samsung Heavy Industries, dominated more than half of the global orders last month. This marks the first-place position for three consecutive months. In particular, LNG carrier orders reached an all-time high in 10 years, driven by the Qatar project, leading to strong performance.

According to Clarkson Research, a UK-based shipbuilding and shipping market analysis firm, among the 2.1 million CGT (70 vessels) ordered worldwide in July this year, South Korea secured 55%, or 1.16 million CGT (19 vessels), surpassing China. China secured 30%, or 620,000 CGT (35 vessels), during the same period.

Based on cumulative orders from January to July, South Korea led with 11.13 million CGT (204 vessels, 47%), ahead of China’s 10.07 million CGT (383 vessels, 42%).

During this period, 103 LNG carriers (14,000 m³ or more) were ordered, marking the highest number since Clarkson Research began compiling LNG carrier order data in 2000.

Due to strong orders, South Korea’s order backlog has been increasing for 11 consecutive months since September last year. It rose 26% compared to the same period last year, from 28.5 million CGT (618 vessels) to 35.86 million CGT (717 vessels).

South Korea also ranked first in ship orders. Among the 2.1 million CGT (70 vessels) ordered worldwide in July, South Korea secured 55%, or 1.16 million CGT (19 vessels), while China accounted for 620,000 CGT (35 vessels), or 30%.

The cumulative order performance from January to July this year was South Korea with 11.13 million CGT (204 vessels, 47%), China with 10.07 million CGT (383 vessels, 42%), and Japan with 1.71 million CGT (65 vessels, 7%).

Looking at orders by ship type, LNG carriers (14,000 m³ or more) increased significantly compared to the same period last year, while large container ships, oil tankers, and bulk carriers all decreased. In particular, LNG carriers recorded a historic high with 103 vessels ordered over seven months this year, thanks to the Qatar project. The previous highest order was 41 vessels in 2011.

The order backlog secured by shipyards also increased. At the end of July, the global order backlog rose by 510,000 CGT compared to the end of June, reaching 101.26 million CGT. By country, China’s backlog decreased by 0.3 percentage points to 42.37 million CGT (42%), while South Korea’s increased by 3 percentage points to 35.86 million CGT (35%).

Ship prices have also continued to rise for 20 consecutive months. In July, the Clarkson Newbuilding Price Index recorded 161.57, up 0.04 points from the previous month.

This content was produced with the assistance of AI translation services.