South Korean shipbuilders have booked orders for 10 liquefied natural gas carriers valued at approximately $1.8 billion, reinforcing the nation’s dominance in the global LNG vessel construction market.
The order surge reflects strong demand for LNG transportation capacity amid ongoing supply chain diversification strategies by major energy companies. Korean shipyards have demonstrated their competitive advantage in securing high-value LNG carrier contracts, with recent bookings significantly exceeding previous year comparisons.
Market Leadership
South Korea’s three major shipbuilders—HD Korea Shipbuilding & Offshore Engineering, Samsung Heavy Industries, and Hanwha Ocean—have collectively secured 23 LNG carrier orders in 2026 as of mid-May, representing more than five times the four vessels booked during the same period in 2025.
HD Korea Shipbuilding & Offshore Engineering leads with 16 LNG carrier orders this year alone, more than doubling its 2025 annual order volume of seven vessels. The three firms captured $2.6 billion in LNG carrier orders within just four days in mid-May, with cumulative 2026 orders reaching $19.16 billion, already representing 53 per cent of their total 2025 annual performance.
Industry Outlook
Korean shipbuilders currently dominate the global LNG carrier market, having captured 88 per cent of worldwide LNG carrier orders through recent months, with Samsung Heavy Industries securing seven vessels, HD Hyundai Samho five, and Hanwha Ocean two. Industry forecasts project global LNG carrier orders could reach 80-100 vessels in 2026, presenting substantial opportunities for Korean yards.
