Back to overview

South Korea’s ship exports have shown a robust trend this year, with a particularly notable structural shift toward eco-friendly and high-value-added vessels. Looking ahead, strong export momentum is expected to continue, supported by expanded cooperation between South Korea and the United States in shipbuilding, as well as increased responses to maritime environmental regulations.

According to the Ministry of Trade, Industry and Energy (MOTIE), South Korea’s ship exports reached USD 2.89 billion in September 2025, marking a 21.9% increase year-on-year and continuing a seven-month consecutive upward trend. The ministry explained, “The increase in deliveries of high-value-added vessels, reflecting higher prices compared to the past, has driven the seven-month consecutive rise in exports.”

Data from UK-based ship market analytics firm Clarksons Research shows the upward trend in actual ship prices as follows: June 2021 – 138.8, December 2021 – 153.6, June 2022 – 161.5, December 2022 – 161.8, and June 2023 – 170.9.

Stable Order Backlogs and Positive Export Outlook

This active export performance is supported by a solid order backlog in the shipbuilding industry. According to Clarksons, South Korea’s order backlog stood at 34.52 million cgt (669 vessels, accounting for 21% of the global total) as of the end of August, a slight decrease of 0.7 million cgt compared to last year, but still at a substantial level.

The outlook for the remainder of the year also remains positive. The Korea International Trade Association’s Trade Research Institute calculated the Export Business Survey Index (EBSI) for the ship sector at 110.3 in September, noting, “Although slightly lower than the Q3 figure of 135.5, it remains above the baseline of 100, indicating favorable export conditions.” The ship sector EBSI has remained above the baseline for four consecutive quarters, and the environment is expected to stay relatively stable through Q4.

Opportunities Arising from US Shipbuilding Policies and Carbon Regulations

South Korea’s shipbuilding industry is also benefiting from the US ‘MASGA (Make America Shipbuilding Great Again)’ initiative, boosting optimism for exports. Expectations surrounding the approximately KRW 200 trillion US shipbuilding revitalization policy are creating expanded opportunities for Korean shipyards and equipment suppliers to enter the US market.

Furthermore, the upcoming implementation of the International Maritime Organization (IMO) carbon trading scheme for ships is expected to provide additional opportunities for the Korean shipbuilding sector. As global pressure to reduce carbon emissions intensifies across shipping and shipbuilding, South Korea is positioning itself not merely as a shipbuilder, but as a leading hub for the research and commercialization of eco-friendly fuels, propulsion technologies, and carbon reduction solutions.

Major Korean shipbuilders have already accumulated substantial experience in constructing LNG-, methanol-, and ammonia-fueled vessels. With the carbon trading scheme coming into effect, these technological capabilities are likely to become even more prominent in the global ordering market.

The article was provided by ASIASIS.

Visit the ASIASIS website and find more articles!

ASIASIS Website