South Korea’s shipbuilding industry significantly boosted its global market share in the first half of 2025, rising to 25.1% from 17.2% a year earlier, according to a report published on July 29 by the Overseas Economic Research Institute of the Export‑Import Bank of Korea.
Despite a sharp 54.5% decline in total global orders, South Korea recorded a comparatively moderate drop of 33.5%, securing 4.87 million CGT in new orders — a shift largely attributed to rising container ship demand and shifting orders away from China due to U.S. trade restrictions.
“Korea’s recent rise stems from geopolitical tailwinds rather than structural competitiveness,” the report cautioned, urging the industry to avoid complacency and invest in long-term capabilities.
The report also warned that the sharp gains could be temporary, as U.S. tariffs on Chinese-built vessels have led to a short-term diversion of orders.
Container ships accounted for 53.3% of Korea’s orders in H1 — up from just two units in the same period in 2024.
Meanwhile, orders for LNG carriers plummeted by 82.9%, totaling just 1.05 million CGT.
South Korea’s total shipbuilding order value in H1 2025 reached USD 161.4 billion, down 31.8% year-on-year.
China still leads globally with a 51.8% share, but the gap with Korea narrowed to 26.7 percentage points, down from over 50 p.p. a year earlier.
Global shipbuilding demand has been contracting amid economic uncertainty, tight monetary policy, and weakening global trade.
The U.S. Office of the Trade Representative (USTR) implemented port-related penalties on Chinese-built ships earlier this year, prompting international operators to seek alternatives — primarily in South Korea.
The Korean government and industry are now being urged to capitalize on this short-term windfall by accelerating investments in eco-friendly ship technology, R&D, and export credit support.
The report forecasts that global shipbuilding orders in 2025 may total around 40 million CGT, a 46% drop from 2024 levels.