Korea’s share of global shipbuilding orders nearly doubles in 2025

(HD Hyundai)

South Korean shipbuilders are enjoying a surge in orders this year as demand for Chinese-made vessels slows ahead of the port-entry service fee the United States is imposing on Chinese-owned or operated vessels from Tuesday.

According to global shipping services provider Clarksons on Sunday, China’s global shipbuilding orders plunged from 38 million tons in the second quarter of 2024 to 26.93 million tons in the third quarter and 20.77 million tons in the fourth quarter.

Its orders reached 9.77 million tons in the first quarter of 2025, 14.96 million tons in the second quarter, and 10.47 million tons in the third quarter.

Korea’s shipbuilding orders, on the other hand, increased from 4.13 million tons in the fourth quarter of 2024 to 5.32 million tons in the first quarter of this year, 5.26 million tons in the second quarter, and 4.93 million tons in the third quarter.

China’s share of global shipbuilding orders dropped from 74.5 percent last year to 58.8 percent this year, while Korea’s share nearly doubled from 13.3 percent to 25.9 percent over the same period.

This trend stems from both the overall decline in global shipbuilding demand and U.S. restrictions on container ship orders placed with Chinese yards, analysts noted.

The total global shipbuilding orders reached 59.9 million tons from January to September this year, which is less than half of last year’s total of 141.27 million tons.

The slowdown in global trade volume caused by U.S. tariff measures has weakened overall shipping demand, reducing new vessel orders, analysts said.

“Although China still holds the top position in shipbuilding orders, some shipowners who traditionally placed orders with Chinese yards are now shifting part of their orders to Korean shipyards,” said an official from the Ministry of Trade, Industry and Energy. “We anticipate that the concentration on China will likely ease further going forward.”

The Korean government is also rolling out support measures, including a plan to expand the supply of refund guarantees (RG) for the shipbuilding sector.