Ulsan Shipbuilders Emphasize High-Value Vessels Amid Export Growth

The shipbuilding industry in Ulsan is undergoing significant changes as it shifts towards producing high-value vessels. According to data from the Ulsan Customs office, export volumes have remained relatively stable over the past five years, with an average of about 90 vessels exported annually. However, export values have seen a sharp increase, rising 40.3% from $7.2 billion in 2021 to $10.1 billion in 2025.

The shift towards high-value vessels is evident when looking at the data by vessel type. Container ships led exports in 2024 with 67 vessels worth $5.3 billion, but their share dropped sharply to 23 vessels worth $3.5 billion in 2025 and four vessels worth $700 million in the first seven months of 2026.

Liquefied natural gas (LNG) carriers, on the other hand, have maintained a steady average annual construction volume of about 13 vessels from 2021 to 2025. Their share of total export value has expanded steadily from 29.2% in 2021 to 33.9% in the first seven months of 2026.

Exports under bareboat charter with hire purchase (BBC) have also shown volatility, accounting for 24% of vessels in 2021, 16% in 2022, and 20% in 2023, before surging to 36% in 2024 and contracting to 2% in 2025.

Lee Min-geun, head of the Ulsan Customs office, noted that the industry is moving beyond simply expanding construction volume, raising the share of high-value vessel types and upgrading its export structure.