South Korea’s container and tanker lanes kept busy through 2025 with the industry still shaped by 2023 scale and momentum, from Busan handling 22.1 million TEU to Korea’s oceangoing fleet reaching 85.2 million DWT across 1,028 vessels. What stands out is the spread across cargo types and trades, including 48 million tons of LNG imports by sea and $120 billion in semiconductor exports shipped by sea, side by side with 0.2 safety incidents per million tons at Korean ports and an average container dwell time of just 1.8 days. Follow the full set and you’ll see how throughput, fleet capacity, and shipbuilding orders connect, and where the surprises really concentrate.
Key Takeaways
- In 2023, Korea exported 45 million tons of cargo via sea, 92% of total exports.
- Busan Port handled 22.1 million TEU in 2023, up 4.2% YoY.
- Korea's container exports reached 9.8 million TEU in 2023.
- South Korea's shipping companies reported KRW 45 trillion in revenue in 2023.
- HMM's net profit surged to KRW 4.5 trillion in 2023 from KRW 1.2 trillion in 2022.
- Korean shipowners' EBITDA margins averaged 28% in 2023.
- In 2023, South Korea's oceangoing fleet numbered 1,028 vessels with a total deadweight tonnage of 85.2 million DWT, ranking 5th worldwide.
- As of end-2022, Korean-flagged ships accounted for 4.8% of global fleet capacity by DWT.
- Korea's container ship fleet capacity reached 2.1 million TEU in 2023, up 12% from 2022.
- In 2023, Busan New Port handled 10 million TEU across 5 terminals.
- Total quay length at Korean major ports was 85 km in 2023.
- Incheon Port's automated terminal processed 1.5 million TEU in 2023.
- In 2023, Korean shipyards delivered 1,050 vessels totaling 25 million CGT.
- Hyundai Heavy Industries built 45 LNG carriers in 2023.
- South Korea's newbuilding orderbook stood at 3,200 vessels worth $140 billion end-2023.
In 2023, Korea’s sea trade powered record container and bulk flows while earnings and investment surged.
Related reading
01 · Category
Cargo and Trade25 stats
01
In 2023, Korea exported 45 million tons of cargo via sea, 92% of total exports.
02
Busan Port handled 22.1 million TEU in 2023, up 4.2% YoY.
03
Korea's container exports reached 9.8 million TEU in 2023.
04
LNG imports by sea to Korea totaled 48 million tons in 2023.
05
Dry bulk cargo throughput at Korean ports was 650 million tons in 2023.
06
Korea-China trade volume by container ships was 12.5 million TEU in 2023.
07
Crude oil imports via tankers hit 600 million barrels in 2023.
08
Automotive exports from Korea reached 4.1 million vehicles by sea in 2023.
09
Iron ore imports to Korea were 70 million tons in 2023.
10
Korea's semiconductor exports by sea totaled $120 billion in 2023.
11
Coal imports declined to 120 million tons in 2023.
12
Reefer cargo handled at Korean ports was 1.2 million tons in 2023.
13
Transshipment TEU at Busan Port was 8.9 million in 2023.
14
Chemical product exports by sea reached 25 million tons in 2023.
15
Korea-US container trade volume was 2.8 million TEU in 2023.
16
Grain imports totaled 15 million tons via bulk carriers in 2023.
17
RORO cargo volume grew 15% to 3.5 million tons in 2023.
18
Scrap metal imports were 28 million tons in 2023.
19
Petrochemical exports hit 40 million tons by sea in 2023.
20
Air cargo supplemented sea but sea handled 98% of Korea's trade volume in 2023.
21
Fertilizer imports reached 8 million tons in 2023.
22
Battery exports by container surged 50% to $30 billion equivalent in 2023.
23
Korea-EU sea trade was 4.2 million TEU in 2023.
24
Cement exports totaled 12 million tons in 2023.
25
Average container dwell time at Korean ports was 1.8 days in 2023.
Interpretation
Cargo and Trade Interpretation
Korea's entire economy is essentially a very complex game of floating Tetris, where Busan Port is the master player swiftly slotting everything from semiconductors to SUVs onto ships, proving the nation runs on saltwater and logistical brilliance.
02 · Category
Financial Metrics24 stats
01
South Korea's shipping companies reported KRW 45 trillion in revenue in 2023.
02
HMM's net profit surged to KRW 4.5 trillion in 2023 from KRW 1.2 trillion in 2022.
03
Korean shipowners' EBITDA margins averaged 28% in 2023.
04
Pan Ocean achieved KRW 2.1 trillion revenue with 15% operating margin in 2023.
05
The total assets of Korea's top 10 shipowners exceeded $150 billion in 2023.
06
In 2023, shipping freight rates boosted Korean liner profits by 300% YoY.
07
Korea Development Bank provided KRW 10 trillion in ship finance in 2023.
08
Average daily TCE for Korean tankers was $45,000in Q3 2023.
09
Shipbuilding finance from Korean banks totaled KRW 25 trillion in 2023.
10
HMM's debt-to-equity ratio improved to 0.8x in 2023 from 2.5x in 2021.
11
Korean dry bulk operators earned $2.5 billion net profit in 2023.
12
Polaris Shipping's revenue hit $1.8 billion with 35% margin in 2023.
13
Total dividends paid by Korean listed shippers were KRW 3 trillion in 2023.
14
Container shipping ROE for Korean firms averaged 42% in 2023.
15
Ship mortgage loans outstanding reached KRW 200 trillion end-2023.
16
Average bunker costs for Korean fleet were $650/ton in 2023.
17
Korean shipowners' insurance premiums totaled $2.8 billion in 2023.
18
Net cash flow from operations for top Korean owners was $20 billion in 2023.
19
Capital expenditure on fleet renewal was KRW 15 trillion in 2023.
20
Korean LNG carriers generated $4.2 billion EBITDA in 2023.
21
Tax incentives saved Korean shippers KRW 1.2 trillion in 2023.
22
Average freight rate for Korean transpacific routes was $5,200/FEU in 2023.
23
Korean ship finance interest rates averaged 3.2% in 2023.
24
ROA for Korean bulk carriers was 18% in 2023.
Interpretation
Financial Metrics Interpretation
Even with bunker costs chugging along at $650 a ton, Korean shipowners in 2023 were so awash in cash that their biggest dilemma seemed to be whether to reinvest their 42% returns, pay out KRW 3 trillion in dividends, or just buy another fleet outright.
03 · Category
Fleet Statistics30 stats
01
In 2023, South Korea's oceangoing fleet numbered 1,028 vessels with a total deadweight tonnage of 85.2 million DWT, ranking 5th worldwide.
02
As of end-2022, Korean-flagged ships accounted for 4.8% of global fleet capacity by DWT.
03
Korea's container ship fleet capacity reached 2.1 million TEU in 2023, up 12% from 2022.
04
In Q4 2023, HMM operated 78 container vessels with a capacity of 505,000 TEU.
05
South Korea's LNG carrier fleet stood at 112 vessels totaling 18.5 million cbm in 2023.
06
The average age of the Korean merchant fleet was 10.2 years as of January 2024.
07
Korea's tanker fleet comprised 285 vessels with 32.4 million DWT in 2023.
08
By 2023, Korean owners controlled 15% of the global VLCC fleet.
09
Pan Ocean's dry bulk fleet included 72 vessels with 4.2 million DWT end-2023.
10
Korea Line Corporation managed 45 bulk carriers averaging 80,000 DWT each in 2023.
11
In 2023, the total orderbook for Korean shipowners was 1,200 vessels at 45 million DWT.
12
Korean car carrier fleet capacity hit 1.2 million CEU in 2023, led by KMTC Line.
13
As of 2024, 68% of Korea's fleet was under 10 years old.
14
Polaris Shipping's fleet of 25 VLCCs averaged 308,000 DWT in 2023.
15
Korea's PCTC fleet numbered 42 vessels with 950,000 CEU capacity end-2023.
16
In 2022, South Korea's fleet scrapping rate was 1.2% of total DWT.
17
Euploia Shipping's 18 LNG carriers totaled 2.8 million cbm in 2023.
18
Korea's chemical tanker fleet was 156 vessels at 2.1 million DWT in 2023.
19
As of mid-2024, Korean owners ordered 150 newbuildings worth $15 billion.
20
SK Shipping's fleet included 22 VLCCs and 15 Suezmax tankers in 2023.
21
In 2023, Korea's bulk carrier fleet capacity grew 8% to 28 million DWT.
22
H-Line Shipping operated 35 methanol carriers of 50,000 cbm average in 2023.
23
Korea's total fleet value reached $120 billion in early 2024.
24
In 2023, 42% of Korea's fleet was container ships by vessel count.
25
Teekay's Korean-partnered fleet had 30 shuttle tankers in 2023.
26
Korea's fleet expansion rate was 4.5% YoY in DWT terms for 2023.
27
In 2023, HMM's fleet utilization rate averaged 95.2%.
28
Korean owners' share of global LNG fleet was 18% by cbm in 2023.
29
As of 2024, Korea had 220 Aframax/LR2 tankers in fleet.
30
In 2023, the Korean ferry fleet numbered 450 vessels serving domestic routes.
Interpretation
Fleet Statistics Interpretation
Though modest in overall numbers, Korea's shipping industry punches well above its weight, boasting a modern, high-value fleet with dominant positions in critical, cutting-edge sectors like LNG carriers and VLCCs, all while undergoing a massive, strategic expansion that speaks more to shrewdly focused power than mere tonnage.
More related reading
04 · Category
Ports and Infrastructure24 stats
01
In 2023, Busan New Port handled 10 million TEU across 5 terminals.
02
Total quay length at Korean major ports was 85 km in 2023.
03
Incheon Port's automated terminal processed 1.5 million TEU in 2023.
04
Gwangyang Port's bulk berth capacity was 200 million tons annually in 2023.
05
Korean ports invested KRW 5 trillion in smart port tech in 2023.
06
Ulsan Port's tanker berths handled 500 vessels in 2023.
07
Pyeongtaek-Dangjin Port expanded container capacity by 2 million TEU in 2023.
08
LNG terminal capacity at Korean ports reached 120 million tons in 2023.
09
Average crane productivity at Busan was 28 moves/hour in 2023.
10
Pohang Port's steel coil handling was 15 million tons in 2023.
11
Korean ports' digital twin adoption covered 70% of operations in 2023.
12
Masan Port's fishing infrastructure supported 1,200 vessels in 2023.
13
Container gantry cranes numbered 450 across Korean ports in 2023.
14
Yeosu Port's chemical berth depth reached 16m in 2023 upgrades.
15
Korean port hinterland rail connections moved 20 million tons in 2023.
16
Automated guided vehicles (AGVs) at Korean ports totaled 150 in 2023.
17
Water depth at Busan North Port averaged 16.5m in 2023.
18
Korean ports' cold chain facilities capacity was 500,000 tons in 2023.
19
Onsan Port handled 100 million tons of petroleum products in 2023.
20
Port community system (PCS) integrated 95% of stakeholders in 2023.
21
Korean ports' safety incident rate was 0.2 per million tons in 2023.
22
Taesung Port's grain silo capacity expanded to 1 million tons in 2023.
23
5G network coverage at major ports was 100% by end-2023.
24
Korean port warehousing space totaled 10 million sqm in 2023.
Interpretation
Ports and Infrastructure Interpretation
With an 85-kilometer welcome mat of quays, the Korean shipping industry spent 2023 building a smarter, deeper, and more interconnected behemoth—from Busan’s 10 million TEU orchestra of cranes to inland rails humming with cargo—all while keeping its safety record tidier than a robot’s sock drawer.
05 · Category
Shipbuilding20 stats
01
In 2023, Korean shipyards delivered 1,050 vessels totaling 25 million CGT.
02
Hyundai Heavy Industries built 45 LNG carriers in 2023.
03
South Korea's newbuilding orderbook stood at 3,200 vessels worth $140 billion end-2023.
04
Samsung Heavy Industries secured 30 VLCC orders in 2023.
05
Daewoo Shipbuilding delivered 22 containerships of 1.2 million TEU capacity in 2023.
06
Korean yards held 40% global LNG carrier order share in 2023.
07
Hanwha Ocean launched 15 ammonia-ready tankers in 2023.
08
Shipbuilding exports revenue was $25 billion in 2023.
09
Average Korean newbuild price for 180k dwt VLCC was $105 million in 2023.
10
Korean yards won 520 eco-ship orders in 2023.
11
HD Hyundai Samho built 18 PCTCs of 8,000 CEU each in 2023.
12
Ship repair contracts for Korean yards totaled 150 vessels in 2023.
13
Methanol carrier orders at Korean yards reached 25 units in 2023.
14
Korean shipbuilding CGT share was 35% globally in 2023.
15
STX Heavy Industries delivered 12 bulk carriers in 2023.
16
New orders for Korean yards were 1,100 vessels in 2023.
17
Korean yards pioneered 15 dual-fuel vessels deliveries in 2023.
18
Shipbuilding employment peaked at 180,000 workers in 2023.
19
Average construction period for Korean LNG carriers was 28 months in 2023.
20
Korean yards exported to 45 countries with China top client in 2023.
Interpretation
Shipbuilding Interpretation
It seems South Korea spent 2023 quietly constructing a small, floating nation of its own, proving that while money can't buy happiness, it can certainly buy a staggeringly large fleet of highly advanced, eco-friendly ships that everyone else desperately wants.
Reference
Cite This Report
This report is designed to be cited. We maintain stable URLs and versioned verification dates. Copy the format appropriate for your publication below.
APA
Julian Richter. (2026, February 13). Korea Shipping Industry Statistics. Gitnux. https://gitnux.org/korea-shipping-industry-statistics
MLA
Julian Richter. "Korea Shipping Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korea-shipping-industry-statistics.
Chicago
Julian Richter. 2026. "Korea Shipping Industry Statistics." Gitnux. https://gitnux.org/korea-shipping-industry-statistics.
Sources & references
87 datasets cited across this report · attribution is report-level