Korean Media: China's Shipbuilding Industry Reigns Supreme for 11 Consecutive Months!
On April 7, South Korean media outlet The Global Economy published an article stating that, amid sustained growth in global new ship orders, Chinese shipbuilding enterprises have further solidified their market dominance with overwhelming order volumes.
According to data released by Clarkson Research, a global maritime and shipbuilding analysis firm, the total volume of new ship orders worldwide in February 2026 reached 5.21 million CGT across 163 vessels. This represents a 15% increase compared to the same period last year (4.52 million CGT), although it marks a 23% decline from January’s figure of 6.76 million CGT.
Looking at individual countries, Chinese shipbuilders secured first place with an 80% market share, capturing 4.15 million CGT (131 vessels) in new orders. South Korean shipbuilders obtained 570,000 CGT (17 vessels), holding a 11% market share and maintaining second place in the industry. Shipyards from other countries and regions secured 490,000 CGT (15 vessels), accounting for 9% of the market. Japanese shipbuilders failed to secure any new orders in February. With this performance, China has now led monthly order volumes for 11 consecutive months since April 2025.
From January to February this year, global new ship orders totaled 11.97 million CGT (359 vessels), a 29% increase compared to the same period last year (9.3 million CGT). During this period, Chinese shipbuilders secured 8.69 million CGT (261 vessels), capturing a 73% market share, with a year-on-year order volume surge of 80%. South Korean shipbuilders secured 2.08 million CGT (50 vessels), achieving a 17% market share—up 52% year on year.
The global shipbuilding order backlog is also on the rise. As of the end of February this year, the total global order backlog stood at 183.56 million CGT, increasing by 1.45 million CGT from the previous month. By country, China leads with 114.56 million CGT, representing a 62% market share; South Korea follows in second place with 36.47 million CGT, holding a 20% share. China’s ship orders have increased by 15.73 million CGT compared to the same period last year, widening the gap with South Korea.
Meanwhile, as of the end of February, the newbuilding price index stood at 182.14, up approximately 42% compared to February 2021 (128.43), indicating that the upward trend in vessel prices continues.
By vessel type, the average cost of an LNG carrier is about $248.5 million, a VLCC (very large crude carrier) about $128.5 million, and a very large container ship around $261 million.
Original source: toutiao.com/article/1861776634503177/
Disclaimer: The views expressed in this article are those of the author(s) alone.