Chinese shipyards captured 71% of global shipbuilding orders in 2024, with seven of the top 10 shipbuilders by order volume coming from China, according to data from Clarksons Research. While South Korea’s shipyards ranked between fifth and seventh, experts warn that China’s aggressive expansion poses an ongoing challenge to the industry.
New Times Shipbuilding, Hudong-Zhonghua Shipbuilding, Yangzijiang Shipbuilding, and Hengli Heavy Industry claimed the top four spots globally, Clarksons Research reported. South Korea’s Samsung Heavy Industries, Hanwha Ocean, and HD Hyundai Samho followed in fifth, sixth, and seventh places.
Chinese shipbuilders secured 46.45 million compensated gross tons (CGT) in 2024, accounting for 71% of global orders. South Korea, meanwhile, secured 10.98 million CGT across 250 vessels. Although this was consistent with its 2014 performance of 11.78 million CGT, the country’s global market share dropped significantly over the decade, from 29.7% to 17%.
Industry analysts attribute China’s dominance to its rapid shipyard expansion, allowing it to handle massive order volumes. In contrast, South Korean shipyards, dealing with backlogged orders from the past two to three years, have been focusing on high-value, selective contracts rather than volume.
Despite the challenges, South Korea remains competitive in terms of cumulative orders. HD Hyundai Heavy Industries topped the global rankings with 8.93 million CGT in orders, followed by Samsung Heavy Industries at 8.72 million CGT and Hanwha Ocean at 8.49 million CGT. HD Hyundai Samho also secured sixth place globally.
Meanwhile, shifts in U.S. trade policy under the newly inaugurated Trump administration could provide opportunities for South Korean shipbuilders. Observers speculate that the U.S. may impose stricter sanctions on China’s shipbuilding industry. President Donald Trump, who previously expressed interest in collaborating with South Korean shipyards, may open doors for South Korea to strengthen its position in the global shipbuilding market.
Source: The Chosun Daily
