Korean Shipbuilders Secure 18% of Orders Last Month... Annual Chinese Volume Drops Sharply

Year-End Orders Rise in 2025, but China Dominates
South Korea’s Annual Orders Up 8%, Showing Resilience
Orders per Vessel Double That of China... High-Value Competitiveness Maintained

With an increase in ship orders at the end of the year, the global shipbuilding order volume in December 2025 rose compared to the previous month. However, the concentration of orders in China became even more pronounced. On an annual basis, though, while China's orders saw a significant decrease, Korea managed to achieve a slight increase, resulting in a relatively strong performance.

According to Clarkson Research on January 7, 2025, the global shipbuilding order volume in December 2025 totaled 8.09 million CGT (Compensated Gross Tonnage, a standardized measure for ship size and construction complexity) across 264 vessels. This represents a 23% increase from the previous month (6.59 million CGT) and a 69% increase compared to the same period last year (4.79 million CGT).

By country, China secured 5.71 million CGT (223 vessels), accounting for a 71% market share and ranking first. Korea recorded 1.47 million CGT (23 vessels), representing an 18% share. However, when calculated per vessel, Korea's average order volume was 64,000 CGT, about twice that of China (26,000 CGT). This is attributed to Korea's continued focus on high-value-added vessel types, such as LNG carriers.

The annual trend shows a somewhat different picture. From January to December 2025, the cumulative global order volume was 56.43 million CGT (2,036 vessels), a 27% decrease compared to the same period last year (76.78 million CGT). Of this, Korea accounted for 11.6 million CGT (247 vessels, 21%), while China recorded 35.37 million CGT (1,421 vessels, 63%). Korea saw an 8% increase from the previous year, whereas China experienced a 35% decrease, indicating a much larger reduction in volume for China.

The order backlog increased again. As of the end of last month, the global order backlog stood at 173.91 million CGT, up 3.12 million CGT from the previous month. By country, China held 107.48 million CGT (62%), and Korea had 35.12 million CGT (20%). Compared to the previous month, Korea's backlog increased by 1.21 million CGT and China's by 1.91 million CGT. Compared to the same period last year, Korea's backlog decreased by 2.45 million CGT, while China's increased by 10.01 million CGT.

Ship prices remained steady. At the end of last month, the Clarkson Newbuilding Price Index was 184.65, up 0.32 points from November (184.33). This is 47% higher than in December 2020 (125.6). By vessel type, LNG carriers were priced at 248 million US dollars (approximately 360 billion Korean won), very large crude carriers (VLCC) at 128 million US dollars, and ultra-large container ships (22,000-24,000 TEU) at 262 million US dollars.