S. Korea ranks 2nd in global shipbuilding orders in May

By Admin

07 Jun, 2025

The global shipbuilding industry witnessed dynamic shifts in May 2025, with South Korea reaffirming its position as a leading player. According to data released by London-based Clarkson Research Services, South Korea ranked second in global shipbuilding orders for the month, securing a significant portion of the international demand.

South Korea’s Performance in May

South Korean shipyards successfully won orders amounting to 250,000 compensated gross tons (CGTs) for eight vessels, accounting for 15 percent of the global total of 1.66 million CGTs. This strong performance underlines the nation's robust shipbuilding capabilities and strategic relevance in the global maritime sector.

China Continues to Lead

China retained its leading position, clinching 640,000 CGTs for 42 vessels, which made up 39 percent of the global orders in May. The scale and consistency of Chinese shipbuilders have enabled them to dominate the market, especially in the standard and bulk carrier segments.

Order Backlogs Reflect Global Trends

As of the end of May, global shipbuilding order backlogs stood at 163.44 million CGTs. China held the largest share of this backlog with 96.39 million CGTs, representing 59 percent of the total. South Korea followed with 36.3 million CGTs, which accounts for 22 percent. These figures highlight both countries' sustained roles in fulfilling future shipping demands.

Shipbuilding Prices See Slight Decline

Clarkson’s Newbuilding Price Index, an essential indicator of price trends in new ship construction, stood at 186.69 last month. This marks a slight decrease of 0.42 points compared to the same period last year, indicating mild pricing adjustments amid evolving market conditions.

Conclusion

While China continues to lead the global shipbuilding industry in both new orders and backlog, South Korea’s performance remains strong and resilient. With a focus on high-value vessels such as LNG carriers and container ships, South Korean shipyards continue to play a crucial role in the global maritime economy. As the industry evolves, the competition between these two shipbuilding giants will likely remain a defining aspect of the sector's growth and innovation.