South Korea has reclaimed its position as the global leader in shipbuilding orders for the month of March, overtaking China, which had held the top spot in February, according to the latest industry data.
Surge in Orders Boosts South Korea’s Position
South Korean shipyards secured a total of 820,000 compensated gross tons (CGTs) across 17 vessels last month. This impressive figure represents 55 per cent of the global total, which stood at 1.5 million CGTs in March, as reported by London-based Clarkson Research Services.
Meanwhile, China, which had previously led in February, placed second with 520,000 CGTs spread across 31 vessels, accounting for 35 per cent of the global share.
This shift highlights South Korea’s competitive edge in high-value ship construction, including LNG carriers and other technologically advanced vessels, where the country continues to hold strong demand from international clients.
Despite South Korea’s surge in monthly orders, China maintained its dominance in overall order backlog. As of the end of March, Chinese shipbuilders held 93.97 million CGTs, representing 59 per cent of the global backlog, which totals 159.6 million CGTs. This marks an increase of 1.52 million CGTs compared to the previous month.
South Korea followed with 36.12 million CGTs, accounting for 23 per cent of the total global order backlog.
In addition, Clarkson’s Newbuilding Price Index, which tracks price fluctuations for newly built ships, climbed to 187.43 in March, showing a 4.26-point increase from a year earlier. This indicates rising costs and continued demand in the global shipbuilding market.
Top Five Global Shipbuilders – March 2025
South Korea’s strong performance in March reflects its strategic focus on advanced ship types, timely delivery capabilities, and sustained global demand, especially in energy-related maritime transport.
Based on order volumes for March, the top five countries leading global shipbuilding are as follows:
| Rank | Country | Orders (in CGTs) | Number of Ships | Global Share (%) |
|---|---|---|---|---|
| 1 | South Korea | 820,000 | 17 | 55% |
| 2 | China | 520,000 | 31 | 35% |
| 3 | Japan | 90,000 | 4 | 6% |
| 4 | Turkey | 40,000 | 2 | 2.6% |
| 5 | Philippines | 30,000 | 1 | 2% |
Note: Figures are rounded and sourced from Clarkson Research Services.
Top Five Overall Global Shipbuilders – As of March 2025 (Order Backlog)
These rankings reinforce China’s long-term production capacity, while South Korea’s continued dominance in technologically sophisticated vessels underlines its ongoing strength in the global market.
| Rank | Country | Order Backlog (in CGTs) | Global Share (%) |
|---|---|---|---|
| 1 | China | 93.97 million | 59% |
| 2 | South Korea | 36.12 million | 23% |
| 3 | Japan | 13.2 million | 8% |
| 4 | Philippines | 6.8 million | 4.3% |
| 5 | Turkey | 5.5 million | 3.4% |
Data reflects figures as of end-March 2025.
