Korea's LNG Carrier Edge Faces Intensifying Chinese Competition
Korea's dominance in the liquefied natural gas (LNG) carrier market is being challenged by China, which has been steadily increasing its order volume this year. According to Clarkson Research, as of September 22, Korea accounted for 61.2% of the global LNG carrier orders with 40 vessels, while China had a 38.8% share with 26 vessels.
China's market share plummeted from 42.8% in 2024 to 8.1% last year but is now showing a recovery trend. The growth is attributed to large private Chinese shipyards, including Hengli Heavy Industry, which has expanded its order portfolio and secured the capacity to build LNG carriers.
An industry official emphasized that Korea must maintain a technological super gap in next-generation vessels, including LNG carriers, as high-value vessel markets are expanding into liquefied carbon dioxide carriers and ammonia carriers. The official added that Korea needs to secure competitiveness encompassing construction technology, eco-friendly fuels, and core equipment.