China Takes Control of LNG Bunkering Vessel Market from Korea

China has taken the lead in the LNG bunkering vessel market, displacing Korean shipbuilders who once dominated the sector. According to Clarksons Research, a British firm that analyzes the shipping and shipbuilding markets, China won all seven new orders for LNG bunkering vessels (LNGBV) placed worldwide this year. Last year, Korea won seven of 24 LNGBV orders, but China's advantage became clear as the market expanded.

The LNGBV is a vessel that supplies fuel at sea to liquefied natural gas carriers or dual-fuel container ships. It serves as an offshore gas station. From 2014 to 2023, annual global LNGBV orders remained below four, indicating a small market. In 2017, HJ Shipbuilding & Construction built the world's first LNGBV.

China's dominance in the market became apparent starting in 2024, with the country securing 56% of the market share that year and 66% in 2025. The shipbuilding industry expects demand for LNGBVs to grow as the LNG propulsion ship market expands.