Korean shipbuilding gains ground amid China sanctions

South Korea’s shipbuilding industry expanded its global market share in the first half of 2025, buoyed by U.S. sanctions on China. However, analysts caution that the overall downturn in global orders tempers the good news.

South Korea received 4.87 million compensated gross tons (CGT) in new shipbuilding orders from January to June, accounting for 25.1% of global contracts, according to a report from the Export-Import Bank of Korea’s Overseas Economic Research Institute. This marks an 8-point increase from the same period last year, when Korea held a 17.2% share.

The shift is largely due to declining demand for Chinese shipbuilders. China received 10.04 million CGT in orders, representing 51.8% of the global market, down from 70% in the same period last year.

Still, in absolute terms, Korea’s performance was underwhelming. Orders for key ship types, particularly LNG carriers, fell short of expectations, resulting in a 33.5% year-on-year decline. Globally, total orders dropped 54.5% to 19.39 million CGT. The bank warned that weak demand will likely persist amid economic uncertainty driven by the second Trump administration.


최원영 기자 o0@donga.com