China Dominates Global Ship Orders in First Half of 2026, South Korea Lags

LNG carrier built by Samsung Heavy Industries.[Photo=Samsung Heavy Industries]

Global ship orders in the first half of 2026 were dominated by China. While South Korean shipbuilders focused on selective orders for high-value vessels such as liquefied natural gas (LNG) carriers, their market share remained at 19%, compared to China's 72%.
According to Clarkson Research, a UK-based maritime analysis firm, the total global ship orders from January to June reached 42.95 million CGT (1,481 vessels), marking a 66% increase from 25.90 million CGT (1,101 vessels) during the same period last year.
China secured 31 million CGT (1,131 vessels), accounting for 72% of the total, which is a 113% increase compared to the same period last year. South Korea, on the other hand, received 7.97 million CGT (195 vessels), achieving a 19% market share, with orders increasing by 60% year-on-year.
In June alone, global orders totaled 5.25 million CGT (200 vessels), a 9% decrease from May's 5.76 million CGT, but a 3% increase from 5.09 million CGT in June of the previous year.
During this period, China secured 4.45 million CGT (171 vessels), achieving a monthly market share of 85%, while South Korea accounted for 500,000 CGT (13 vessels) with a 9% share.
However, the average order size per vessel was higher for South Korea at 38,000 CGT compared to China's 26,000 CGT. Industry analysts attribute this to South Korea's strategy of focusing on selective orders for high-value vessels like LNG carriers.
As of the end of June, the global order backlog stood at 206.59 million CGT, an increase of 2.14 million CGT from the previous month. By country, China recorded 134.03 million CGT (65%), while South Korea had 38.81 million CGT (19%). Compared to the same period last year, China increased by 30.20 million CGT, while South Korea saw an increase of 3.69 million CGT.
Ship prices also continued to rise. As of the end of June, the Clarkson Newbuilding Price Index was at 185.15, up 0.14 points from the previous month (185.01). This figure is approximately 33% higher than in June 2021 (138.79).
By vessel type, newbuilding prices were recorded at $248.5 million for LNG carriers, $130.5 million for very large crude carriers (VLCCs), and $261.5 million for ultra-large container ships in the 22,000 to 24,000 TEU range.

* This article has been translated by AI.