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| HD HHI’s Ulsan Shipyard (Image source: HD Hyundai Heavy Industires) |
China’s shipbuilding industry has seen a sharp decline in new vessel orders this year, with total contract volume dropping 73% year-on-year as global demand weakens and U.S. trade restrictions tighten. Meanwhile, South Korea’s major shipyards have managed to increase their share of global newbuilding orders, narrowing the gap with China.
According to data from Clarkson Research released on October 12, China’s total shipbuilding orders reached 3.8 million compensated gross tons (CGT) in the second quarter of last year, but fell drastically to 2.693 million CGT in the third quarter of 2024. Orders continued to decline this year, dropping from 977,000 CGT in the first quarter to 1.496 million CGT in the second and 1.047 million CGT in the third.