South Korea received 820,000 CGT (55%) of the total 1.5 million CGT (58 ships) in global orders for the month, surpassing China, which received 520,000 CGT (35%). Compensated gross tonnage (CGT) is a key metric that reflects the actual workload in shipbuilding.
Although South Korea and China each received orders for 17 and 31 ships, respectively, South Korea led in CGT thanks to its focus on larger, high-value vessels, while China focused on smaller ships. Shipbuilding rankings can shift monthly depending on the types of contracts signed. For example, in February, China led with 2.63 million CGT (70%), while South Korea received only 340,000 CGT (9%).
Over the first three months of this year, China maintained a dominant position with a 49% share of global orders, while South Korea had 27%. Over the past five years, China has consistently held a 50% share in the first quarter. South Korea’s share, however, has declined from 36% in 2021 to 27% in 2025.
Despite this, the South Korean shipbuilding industry remains optimistic about growth prospects, particularly in light of U.S. regulations targeting Chinese-built vessels. The U.S. Trade Representative (USTR) is considering imposing fees of up to $1.5 million on Chinese ships entering U.S. ports, which could prompt shipping companies to shift away from Chinese-built vessels and favor South Korean alternatives. Last year, China claimed a dominant 70% share of global shipbuilding orders, followed by South Korea with 16%, and Japan with 6%.
