Chinese shipbuilders had secured orders for 34 LNG carriers by early July 2026, narrowly exceeding the 32 vessels won by South Korean yards over the same period, according to data from Banchero Costa.
The figures mark a change from the previous four years. Chinese and South Korean shipbuilders recorded 43 and 113 LNG carrier orders, respectively, in 2022. The totals were 27 and 55 in 2023, 46 and 56 in 2024, and 12 and 39 in 2025.
Jiangnan Shipyard and Hudong-Zhonghua Shipbuilding, both subsidiaries of China State Shipbuilding Corporation, each secured orders for more than 10 LNG carriers in 2026. Their customers included COSCO Shipping, ADNOC L&S, Eastern Pacific Shipping, TMS Cardiff Gas and MISC.
Ralph Leszczynski, head of research at Banchero Costa, said limited capacity at South Korean shipyards was the main reason for the shift in LNG carrier ordering during the first half of 2026.
Five shipyards in China are currently constructing large LNG carriers. Three are subsidiaries of China State Shipbuilding Corporation: Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard and Dalian Shipbuilding Industry Corporation. The other two are China Merchants Heavy Industries Haimen and Yangzijiang Shipbuilding.
Hengli Heavy Industries signed a patent cooperation agreement with GTT in early 2025 covering membrane-type containment systems as it prepares to enter the large LNG carrier construction segment. It would be the sixth Chinese yard and the second privately owned shipbuilder in the country positioned to build these vessels.
In South Korea, large LNG carrier construction is currently concentrated at HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries and HD Hyundai Samho.
Domestic shipowners have also contributed to LNG carrier ordering at Chinese yards. Banchero Costa estimated that orders from Chinese owners account for at least 25% of the LNG carrier orderbook held by Chinese shipbuilders. South Korean owners have not placed any recent LNG carrier orders.
Chinese shipowners represent approximately 9% of the global LNG carrier orderbook, compared with 3% for South Korean owners. In the active fleet, Chinese owners control about 18% of LNG carrier capacity, while South Korean owners account for 7%.
