Korean Shipbuilders Secure 23% of August Orders as China Maintains Lead

Global Ship Orders Plunge 65% Year-on-Year
Cumulative Orders Down 14% from January to August
Average Order per Vessel Hits 70,000 CGT, 2.9 Times Higher Than China

In August 2025, South Korea's shipbuilding industry recorded a ship order volume of 560,000 CGT (Compensated Gross Tonnage per vessel), achieving a global market share of 23% amid a worldwide slump in orders. The total global order volume dropped sharply by 65% compared to the same month last year, continuing its sluggish trend.

According to Clarkson Research, a UK-based shipbuilding and shipping market analysis firm, the total global ship order volume last month was 2.44 million CGT (82 vessels). This represents an 18% decrease from the previous month (2.97 million CGT) and a 65% drop from the same month last year (6.93 million CGT). CGT is an index that reflects the construction difficulty by ship type in addition to vessel size.

By country, China secured 1.38 million CGT (57 vessels), ranking first with a 57% market share. South Korea recorded 560,000 CGT (8 vessels), accounting for 23%. In terms of the number of vessels, China was dominant, but when calculated per vessel, South Korea's average order was 70,000 CGT, about 2.9 times higher than China's 24,000 CGT. This is attributed to orders focused on high value-added ship types such as LNG carriers.

From January to August this year, the cumulative global order volume was 34.48 million CGT (1,912 vessels), a 14% decrease compared to the same period last year. During the same period, South Korea recorded 8.91 million CGT (251 vessels, 26%), while China recorded 13.96 million CGT (872 vessels, 40%). Although both countries saw declines compared to last year, China's lead continues.

As of the end of August, the global order backlog stood at 164.9 million CGT, down by 980,000 CGT from the previous month. By country, China accounted for 99.92 million CGT (61%), while South Korea held 34.52 million CGT (21%). South Korea's backlog decreased by 700,000 CGT from the previous month and by 4.77 million CGT from the same period last year, whereas China's backlog increased by 13.6 million CGT compared to the same period last year.

Ship prices remained steady. The Clarkson Newbuilding Price Index stood at 186.26 points, a slight decline from July (186.65), but 47% higher than in August 2020 (126.97). By ship type, LNG carriers were priced at 250 million dollars, very large crude carriers (VLCC) at 126 million dollars, and ultra-large container ships (22,000-24,000 TEU) at 273 million dollars.