China has achieved a significant milestone in the global shipbuilding industry by surpassing South Korea in monthly orders for liquefied natural gas (LNG) carriers for the first time. In October, Chinese shipyards secured five of the seven large LNG carrier orders placed worldwide, while South Korean shipbuilders won just two, according to data from British shipping consultancy Clarksons Research.
This shift marks a challenge to South Korea’s long-standing dominance in the high-value segment of LNG carrier construction, where demand has been rapidly increasing. Over the first 10 months of this year, Chinese shipyards secured 32 of the 76 large LNG carrier orders globally, compared to 44 won by South Korean builders.
The rise of China’s shipbuilding sector reflects broader trends in the industry, where the country has been investing heavily in infrastructure and technology to capture a larger share of the market. The surge in LNG carrier orders comes amid growing global demand for cleaner energy sources, particularly in Asia.