China Dominates Global Shipbuilding Orders in First Half of 2026 as Newbuilding Demand Surges

China has reinforced its position as the world’s leading shipbuilding nation, securing 72% of global shipbuilding orders during the first half of 2026, while South Korea captured 19% of the market. The latest industry data highlights continued growth in global demand for new vessels, driven by expanding maritime trade, fleet modernization, and investment in high-value commercial shipping.

Global newbuilding orders reached 42.95 million compensated gross tonnage (CGT) across 1,481 vessels between January and June 2026, marking a 66% year-on-year increase compared with 25.90 million CGT across 1,101 ships during the same period in 2025.

Chinese shipyards secured an impressive 31.00 million CGT through 1,131 vessels, representing a 113% increase from a year earlier. Meanwhile, South Korean shipbuilders won contracts totaling 7.97 million CGT across 195 vessels, recording a solid 60% annual increase. The performance widened the gap between the two leading shipbuilding nations to 53 percentage points in global market share during the first six months of the year.

June also reflected China’s continued dominance in the global shipbuilding market. Worldwide ship orders totaled 5.25 million CGT across 200 vessels, down 9% from May but still 3% higher than June 2025. Chinese yards secured 4.45 million CGT across 171 ships, accounting for 85% of monthly orders, while South Korea recorded 500,000 CGT through 13 vessels, representing a 9% share.

Although China led in total order volume, South Korean shipbuilders maintained a stronger focus on high-value ship construction. Their average contract size reached approximately 38,000 CGT per vessel, compared with around 26,000 CGT for Chinese yards. This reflects South Korea’s specialization in LNG carriers and other technologically advanced, high-value commercial ships.

The global shipbuilding orderbook continued to expand, reaching 206.59 million CGT at the end of June, an increase of 2.14 million CGT from the previous month. China held the largest backlog with 134.03 million CGT, representing 65% of the world’s total orderbook, while South Korea accounted for 38.81 million CGT, or 19%.

Despite rising shipbuilding activity, newbuilding vessel prices remained largely stable. The Clarksons Newbuilding Price Index stood at 185.15 at the end of June, slightly higher than 185.01 recorded a month earlier and approximately 33% above its level in June 2021.

Current benchmark prices for major commercial vessels remained firm, with LNG carriers valued at $248.5 million, Very Large Crude Carriers (VLCCs) at $130.5 million, and 22,000–24,000 TEU ultra-large container ships priced at $261.5 million.

The latest figures underline the continued strength of the global shipbuilding industry, with China maintaining its leadership in production volume while South Korea continues to compete through technologically advanced and higher-value vessel construction.