The Baltic and International Maritime Council (BIMCO) reported that global crude oil tanker orders have hit a 17-year high, with the contracting volume of crude oil tankers also setting a historic record. According to the latest data from institutions such as BIMCO and Clarksons as of April 2026, Very Large Crude Carriers (VLCC) and Liquefied Natural Gas (LNG) carriers remain the core focus of the shipbuilding market.

Surge in Orders: The first quarter of 2026 recorded the highest quarterly contracts for crude oil tankers in history.

South Korean Shipyards’ Strength: Hanwha Ocean of South Korea secured multiple VLCC orders within just two weeks in early April, indicating that South Korean shipyards still maintain a strong momentum in the high-end oil tanker sector.

Sino-South Korean Shipyard Competition Pattern: Chinese shipyards, including Dalian Shipbuilding, Waigaoqiao Shipbuilding, and Hengli Heavy Industry, have performed robustly, actively winning a large number of new VLCC orders. South Korean shipyards, however, continue to maintain their competitive edge with mature design experience, reliable technology, and relatively earlier delivery schedules.

Key Order Cases

Hengli Heavy Industry (China): In late January 2026, Mediterranean Shipping Company (MSC) (controlled by Gianluigi Aponte) placed an order for 8 VLCC super large crude oil carriers with Hengli Heavy Industry in China, with a total investment of approximately 952 million US dollars.

Hyundai Heavy Industries (South Korea): On April 3, 2026, Hafnia signed a contract with Hyundai Heavy Industries to order 8 medium-range product tankers (MR type), with a transaction value of about 405 million US dollars and delivery scheduled from the third quarter of 2028 to the second quarter of 2029.

Hanwha Ocean: On April 3, 2026, Greek shipowner Harry Vafias (through his company Stealth Maritime) made a comeback to the VLCC market after about 20 years, ordering 2 new VLCCs from Hanwha Ocean. This marks his first order in this segment since 2008.

Oceania Shipowner: On April 8, 2026, Hanwha Ocean announced through regulatory documents that it had signed a contract to build 2 VLCCs with an Oceania-based shipping company.

Booming High-Value Orders: Since 2026, global LNG carrier orders have remained active. High-specification, large-capacity LNG carriers (mainly of the 174,000 to 175,000 cubic meter class) have become market highlights, with unit prices hovering at historical highs.

South Korean Shipyard Orders

HD Korea Shipbuilding & Offshore Engineering (HD KSOE / HD Hyundai Heavy Industries): In January 2026, an American shipowner (initially anonymous, industry speculates related to North American LNG export projects) ordered 4 LNG carriers of 174,000 cubic meters each. With a total value of about 1.13 billion US dollars (approximately 280 million US dollars per vessel, a historical high), delivery is expected in the second half of 2029.

Samsung Heavy Industries: In mid-March 2026, it signed a contract with parties related to JPMorgan Chase to build 2 large LNG carriers.

Hanwha Ocean: From February to March 2026, orders from multiple European and Asian shipowners landed intensively. It signed contracts for 7 LNG carriers within a single month, with a total value of about 2.59 trillion Korean won (approximately 1.75 billion US dollars).

Chinese Shipyard Orders

Jiangnan Shipyard: On January 15, 2026, Eastern Pacific Shipping (EPS) of Singapore ordered 2 LNG carriers of 175,000 cubic meters each. This is the first large LNG carrier order secured by a Chinese shipyard in 2026 and also EPS’s first direct order for this ship type.

Hudong-Zhonghua Shipbuilding: It delivered a strong performance in the first quarter of 2026, winning multiple consecutive orders within just one month, including contracts for 4+2 and 3+3 LNG carriers of 174,000 cubic meters each, further consolidating its leading position in the global high-end LNG carrier market.

Hengli Heavy Industry (China): On April 9, it signed a contract with Hengli Heavy Industry in China for the construction of LNG-powered VLCCs with a value exceeding 500 million US dollars.

Delivery Case

On March 31, CSSC Guangzhou Shipyard International Co., Ltd. (GSI) delivered the second 111,000 DWT LNG-fueled crude oil/product tanker “Topaz Atlantic” to Eastern Pacific Shipping (EPS) of Singapore, nine months ahead of schedule.

Sino-South Korean Shipbuilding Market Share Changes (Clarkson Data)

According to data released by Clarksons Research on April 6, 2026:

In March, the global ship order volume totaled 4.06 million Compensated Gross Tons (CGT), covering 135 vessels.

South Korea secured 1.59 million CGT (38 vessels), accounting for 39% of the market share.

China obtained 2.15 million CGT (84 vessels), holding a 53% market share.

Compared with February, when South Korea accounted for only 11% (570,000 CGT) and China 80% (4.15 million CGT), South Korea’s market share rebounded significantly in March, narrowing the gap with China remarkably.

 In contrast, Japanese shipyards saw a year-on-year drop of 83% in order volume, accounting for only 1% of new orders—the lowest level since 1996. This reflects their limited production capacity, long delivery cycles, and declining competitiveness.

The global shipbuilding market is witnessing a significant recovery, driven by the restructuring of global energy trade and the synergy of low-carbon transition.

The VLCC market has seen a surge in orders, hitting a historic peak in the first quarter. The order boom at shipyards like Hanwha Ocean and Hengli Heavy Industry, coupled with the capacity shortage caused by sanctions on shadow fleets, has prompted shipowners to accelerate new ship orders. The market is expected to maintain high prosperity in the coming years.

The LNG carrier market is also booming, with high-specification, large-capacity ship types favored and unit prices remaining high. Behind this is the continuous expansion of LNG trade and the accelerated decommissioning of old ships. Wood Mackenzie predicts that the world will need to add more than 650 LNG carriers by 2040, providing long-term support for the market.

Clarkson’s data shows that in March, South Korean shipyards secured 39% of global orders, significantly narrowing the gap with China. This indicates that the competition between China and South Korea has entered a new stage: Chinese shipyards focus on order volume with cost and production capacity advantages, while South Korean shipyards adhere to the high-end field relying on core technology. This differentiated competition will long dominate the VLCC and LNG carrier markets, two high-value-added ship types. High-value-added ship types are not only the key to the current market recovery but will also become the core track for Sino-South Korean shipbuilding competition in the future, ultimately determining the direction of the global shipbuilding pattern.