In September, although the growth rate of orders in the global new shipbuilding market continued to slow, Chinese shipbuilders secured an 18th consecutive monthly victory with a 76% market share. Meanwhile, South Korean shipbuilders saw their new order volume surge by 127% month-on-month, expanding their global market share to 21%. Overall, a significant gap in order intake remains between Chinese and South Korean shipbuilders, with Chinese shipbuilders maintaining an overwhelming lead.
Clarksons recently released the latest monthly data on the new shipbuilding market. In September, global new ship orders totaled 6.2 million CGT (202 vessels), representing a 1% decrease month-on-month (down from 6.28 million CGT) and a 13% decrease year-on-year (down from 7.1 million CGT).
Gap in Order Volumes Between China and South Korea Narrows
By country, Chinese shipbuilders secured orders totaling 4.74 million CGT (165 vessels) in September; although this represented a slight month-on-month decline of 9% (down from 5.21 million CGT), their 76% market share kept them significantly ahead of South Korea. Meanwhile, South Korean shipbuilders secured 1.27 million CGT (24 vessels)—a 127% increase from the previous month’s 0.56 million CGT—capturing a 21% market share.
Compared to the market shares recorded in August—85.4% for China and 7.3% for South Korea—the gap in order volume between the two nations narrowed in September.
The South Korean shipbuilding industry attributed its lower order volume relative to China to the fact that major domestic shipbuilders have already secured a backlog covering at least three years of production; consequently, they are now employing a selective strategy to focus on high-value-added vessels, prioritizing quality over quantity.
Geopolitical Turmoil Drives Upward Trend in New Shipbuilding Market
Driven by geopolitical instability—such as the conflict between the U.S. and Iran—demand for new vessels to transport energy commodities like crude oil, petroleum products, and liquefied natural gas (LNG) continues to rise. Consequently, the new shipbuilding market is showing a positive trend for 2026.
From January to September of this year, total global new shipbuilding orders reached 70.71 million CGT (2,558 vessels), a 57% increase compared to the same period last year (45.13 million CGT/1,958 vessels).
During this period, Chinese shipbuilders secured orders totaling 53.91 million CGT (1,995 vessels)—a 92% year-on-year surge—capturing a 76% market share. Meanwhile, South Korean shipbuilders secured 10.93 million CGT (277 vessels), marking a 43% year-on-year increase and a 15% market share.
In terms of order growth rates alone, Chinese shipbuilders saw an increase nearly double that of their South Korean counterparts; regarding the volume of orders, China’s total is five times that of South Korea, indicating a still-significant gap between the two.
Global Shipbuilding Orderbook Continues to Grow; Newbuild Price Index Remains High
Chinese shipbuilders also maintain an overwhelming lead in terms of the global orderbook. As of the end of September 2026, the global orderbook for new vessels stood at 223.67 million CGT, an increase of 2.72 million CGT from the previous month.
During the same period, Chinese shipbuilders held orders totaling 151.04 million CGT—an increase of 2.38 million CGT month-on-month and 39.94 million CGT year-on-year—representing a 68% market share. South Korean shipbuilders held orders totaling 38.17 million CGT—an increase of 0.15 million CGT month-on-month and 4.07 million CGT year-on-year—representing a 17% market share.
As of the end of September 2026, the Clarkson Newbuilding Price Index stood at 186.59, up 0.25 points from the previous month (186.34). This represents an increase of approximately 23% compared to September 2021 (151.4).
By major vessel type, the newbuilding price for a 174,000 m³ LNG carrier was approximately $246.5 million, a decrease from the previous month ($248.5 million); the price for a Very Large Crude Carrier (VLCC) remained flat at approximately $131 million; and the price for an ultra-large container ship (22,000–24,000 TEU) was approximately $248.5 million, down from the previous month ($254 million).