South Korea’s global shipbuilding share rises in first half of 2025

South Korean shipyards have increased their share of global shipbuilding orders in the first half of the year, amid U.S. sanctions targeting their Chinese rivals.

According to a report from the Export-Import Bank of Korea, South Korea accounted for 25.1% of global shipbuilding orders in terms of compensated gross tonnage (CGT) from January to June.

This figure marks a significant rise from the 17.2% share recorded a year earlier, narrowing the gap with China—the market leader—from 51 to 26.7 percentage points. In 2024, South Korea’s share of annual global orders had dropped to just 15%, the lowest level in eight years.

This year’s rebound is primarily attributed to recent trade measures implemented by the United States. The U.S. Trade Representative (USTR) introduced a policy imposing port tariffs on Chinese shipping companies and operators of vessels built in China, discouraging reliance on Chinese shipyards.

In the first half of the year, container ships accounted for 53.3% of the total order volume received by South Korea, equivalent to 4.87 million CGT. Last year, South Korean shipyards received only two orders for medium to large container vessels.

“The migration of orders from Chinese to Korean shipyards, amid U.S. sanctions, contributed to South Korea’s increased global share,” the report highlights.

Despite the more favorable performance, the bank emphasized the need for South Korea’s shipbuilding industry to capitalize on this opportunity to enhance its structural competitiveness and ensure long-term resilience.

Source: Portal Portuario

AI-generated image