In the first half of 2026, the total order volume for South Korea’s three major shipbuilders is set to surpass $30 billion, with operating profits projected to reach $3.003 billion, heralding a “super-cycle”.
According to South Korean media reports, HD Hyundai is projected to record second-quarter sales of $5.75 billion—a 17.0% year-on-year increase—and an operating profit of $935 million, marking a 48.1% surge. Hanwha Ocean anticipates sales of $2.3 billion and an operating profit of $330 million, representing growth of 5.6% and 33.7%, respectively. Samsung Heavy Industries expects record-breaking sales of $2.147 billion and an operating profit of $267 million, with year-on-year increases of 20.9% and 96.9%, respectively.
The combined operating profit of these three shipbuilders exceeded $1.3 billion in the first quarter, and their total operating profit for the first half of the year is projected to reach $3 billion. This performance growth is primarily driven by the strong results of high-value vessel types, such as liquefied natural gas (LNG) carriers and very large crude carriers (VLCCs).
In addition to their commercial shipping business, South Korean shipbuilders are also targeting U.S. Navy maintenance, repair, and overhaul (MRO) operations as a new engine for growth.
South Korean securities firms forecast that the combined annual sales and operating profits of the three major shipbuilders will approach $40 billion and $6 billion, respectively, this year—marking an all-time high. Previously, the peak sales figure was $35 billion, recorded in the early 2010s during a surge in offshore plant orders.
Industry analysts attribute this surge in performance to a sharp rise in orders for high-value, eco-friendly vessels—driven by the global need to replace aging ships and comply with environmental regulations—alongside steadily rising ship prices.
The cumulative order value for the three major South Korean shipbuilders has reached $30.07 billion so far this year. HD Hyundai has secured $15.72 billion in orders, achieving 67.4% of its annual target ($23.31 billion). Samsung Heavy Industries has won $10 billion in orders, meeting 72% of its annual goal ($13.9 billion). While Hanwha Ocean has not disclosed an annual order target, it has secured $4.35 billion in orders year-to-date—an amount equivalent to half of its total orders ($9.83 billion) for the previous year.
The strong order momentum for these three major shipbuilders is expected to continue into the second half of the year, driven by large-scale U.S. LNG projects that will further boost demand for LNG carriers. Industry insiders predict that a “super-cycle” for South Korean shipbuilders could fully kick off in the second half of the year.
Meanwhile, according to Clarkson data, cumulative global shipbuilding orders for the first half of the year reached 42.95 million compensated gross tons (CGT)—comprising 1,481 vessels—representing a 66% increase from the 25.90 million CGT (1,101 vessels) recorded during the same period last year. South Korea secured orders totaling 7.97 million CGT (195 vessels) in the first half, a 60% year-on-year increase, capturing a 19% market share.
As of the end of June, the Clarkson Newbuilding Price Index stood at 185.15, up 0.14 points from the previous month’s 185.01. This marks a 33% increase compared to June 2021 (138.79).