According to Clarksons data released on December 28, global new ship orders from January to November 2025 totaled 44.99 million CGT (1,627 vessels), down 37% from the same period last year (71.52 million CGT, 2,994 vessels). During the reporting period, Chinese shipyards secured orders totaling 26.64 million CGT (1,067 vessels), accounting for a 59% market share, with order volume decreasing by 47% year-on-year. South Korean shipyards secured orders totaling 10.03 million CGT (223 vessels), representing a 22% market share, with order volume decreasing by 5% year-on-year.
Compared to the same period in 2024, Chinese shipbuilders saw a steeper decline in orders than their South Korean counterparts. South Korean media noted that “South Korea’s shipbuilding industry has successfully maintained its position against the trend.”
In 2024, South Korean shipbuilders secured orders totaling just 10.98 million CGTs for the entire year, capturing a market share of only 17%—the lowest level since 2016. Based on this year’s relatively robust order intake performance, the South Korean shipbuilding industry forecasts its annual market share in the newbuild market to rebound to over 20% in 2025.
South Korea’s three major shipbuilding giants are key pillars supporting this optimistic forecast. Analysts point out that a major positive factor contributing to the relative recovery of South Korean shipbuilders’ orders in 2025 is the impact of U.S. port fee policies on China’s shipbuilding industry, with some orders shifting to South Korea.
For South Korea’s three major shipbuilding giants, as of December 26, HD Korea Shipbuilding & Offshore Engineering (HD KSOE, HD Hyundai Heavy Industries/HD Hyundai Samho), the intermediate holding company for HD Hyundai Group’s shipbuilding business, had secured orders for 129 new vessels worth approximately $18.16 billion.
This achievement represents 100.6% of its annual order target of $18.05 billion, marking the fifth consecutive year the company has exceeded its annual order goal. Although the 2025 order value represents a 13% decrease from 2024’s $20.92 billion, industry insiders in South Korea attribute this to “saturation of shipyard capacity and strategic order selection.”
Hanwha Ocean has secured a total of 51 new ship orders worth approximately $9.83 billion, surpassing its 2024 annual order level of $8.98 billion. The portfolio includes 20 VLCCs, 17 container ships, 13 LNG carriers, and 1 icebreaking research vessel.
Samsung Heavy Industries has secured a total of 41 new ship orders worth approximately $7.4 billion, achieving 76% of its annual order target of $9.8 billion. This includes 9 LNG carriers, 9 shuttle tankers, 9 container ships, 2 ethane carriers, 11 crude oil tankers, and 1 preliminary contract for a Floating Liquefied Natural Gas (FLNG) facility. Given Samsung Heavy Industries’ current order fulfillment rate, the Korean industry unanimously agrees that “further new offshore engineering orders are expected to materialize, making this achievement quite commendable.”