Korean shipbuilding is in a different league by 2023 scale, with industry revenue hitting KRW 52.4 trillion, up 18% year on year, while employment rose to 152,000 workers. Even deeper, the workforce is split between core builders and the wider supply chain, and LNG momentum continues to reshape orders and deliveries. Let’s connect the financial results, labor dynamics, and segment-level dominance to understand how Korea keeps winning high-value work.
Key Takeaways
- Korean shipbuilding industry employed 152,000 workers in 2023, up 12% YoY
- HHI workforce: 45,000 direct employees, 20,000 subcontractors in 2023
- Average annual salary in shipbuilding: KRW 85 million in 2023, 30% above national average
- Korean shipbuilding industry revenue reached KRW 52.4 trillion in 2023, up 18% YoY
- HD Hyundai Heavy Industries reported operating profit of KRW 1.2 trillion in 2023, margin 12%
- Samsung Heavy Industries net profit surged to KRW 1.75 trillion in 2023 from KRW 0.4T in 2022
- Korea held 29% global shipbuilding market share by CGT in 2023, second to China
- Korean Big 3 (HHI, SHI, Hanwha) commanded 90% of Korea's market share and 25% globally in 2023
- In LNG carrier segment, Korea's market share was 72% of orders and 65% of deliveries in 2023
- In 2023, South Korean shipyards secured 1,238 new orders totaling 32.35 million CGT, accounting for 68% of the global market share in terms of CGT
- Hyundai Heavy Industries (HHI) had a shipbuilding order backlog of 1,140 vessels valued at USD 55.3 billion as of end-2023
- Korean shipbuilders received 70% of global LNG carrier orders in 2023, with 128 vessels ordered
- Korea delivered 1,014 ships totaling 15.2 million DWT in 2023, up 25% from 2022
- HD Hyundai Heavy Industries delivered 38 vessels in 2023, including 15 LNG carriers
- Annual shipbuilding capacity of major Korean yards: HHI 100+ ships, SHI 80, Hanwha Ocean 60
In 2023, Korean shipbuilders grew revenues and output, led LNG and high value orders, and strengthened profits.
Related reading
01 · Category
Employment And Workforce20 stats
01
Korean shipbuilding industry employed 152,000 workers in 2023, up 12% YoY
02
HHI workforce: 45,000 direct employees, 20,000 subcontractors in 2023
03
Average annual salary in shipbuilding: KRW 85 million in 2023, 30% above national average
04
SHI hired 5,000 new engineers in 2023 for LNG projects
05
Female workforce ratio: 15% in 2023, up from 10% in 2020
06
Hanwha Ocean total employees: 32,000, with 40% skilled welders
07
Industry training programs graduated 10,000 welders annually since 2022
08
Labor productivity: KRW 340 million per worker in 2023, top globally
09
Overseas Korean shipyard workers: 15,000 in US, Vietnam, Philippines yards
10
Turnover rate: 4.5% in 2023, lowest in manufacturing sector
11
R&D staff: 12,000 across Big 3 yards, 8% of total workforce
12
Apprentice programs: 3,000 youths trained yearly, 90% retention rate
13
HD Hyundai Samho employs 12,000, average tenure 15 years
14
Digital skill workers: 25,000 certified in AI/automation by 2023
15
Union membership: 70% of workforce, zero strikes in 2023
16
Subcontractor employment: 120,000 indirect jobs supported in 2023
17
Wage growth: 7.5% in 2023, matching productivity rise
18
Safety record: 0.8 accidents per 1,000 workers, best in industry
19
Overseas training: 2,000 engineers sent to Europe/US for green tech in 2023
20
Total industry employment growth projection: +20,000 by 2025 due to backlog
Interpretation
Employment And Workforce Interpretation
In 2023, Korean shipbuilding employment grew to 152,000 workers, while wages averaged KRW 85 million and the workforce composition shifted with women rising to 15% from 10% in 2020 and LNG projects prompting SHI to hire 5,000 new engineers, showing a strengthening and more diverse employment base in the sector.
02 · Category
Financial Performance19 stats
01
Korean shipbuilding industry revenue reached KRW 52.4 trillion in 2023, up 18% YoY
02
HD Hyundai Heavy Industries reported operating profit of KRW 1.2 trillion in 2023, margin 12%
03
Samsung Heavy Industries net profit surged to KRW 1.75 trillion in 2023 from KRW 0.4T in 2022
04
Hanwha Ocean's 2023 revenue: KRW 11.2 trillion, EBITDA KRW 2.1 trillion
05
Total industry operating profit: KRW 5.8 trillion in 2023, ROE 15.2%
06
HHI shipbuilding division sales: USD 15.6 billion in 2023, profit USD 1.1B
07
SHI debt-to-equity ratio improved to 150% in 2023 from 250% in 2021
08
Korean shipbuilding export value: USD 42 billion in 2023, 22% growth
09
HD Hyundai Samho profit: KRW 800 billion in 2023, payout ratio 30%
10
Industry average EBITDA margin: 18% in 2023, highest in decade
11
Hanwha Ocean won Blue Chip Award for financial recovery, net profit KRW 1.5T 2023
12
Total dividends from Big 3 yards: KRW 2.5 trillion in 2023
13
Shipbuilding R&D investment: KRW 1.2 trillion in 2023, 2.3% of revenue
14
SHI cash reserves: KRW 4.5 trillion end-2023, liquidity ratio 180%
15
Korean yards' order cancellation rate: 2% in 2023, lowest globally, impacting stable revenue
16
HHI market cap grew 300% in 2023 to KRW 40 trillion
17
Industry capex: KRW 3.5 trillion in 2023 for yard modernization
18
2023 average shipbuilding contract price: USD 65M per vessel, up 20% YoY
19
Korea invested KRW 10 trillion in shipbuilding since 2021, yielding 25% ROI by 2023
Interpretation
Financial Performance Interpretation
In 2023 the Korean shipbuilding industry delivered strong financial momentum with revenue hitting KRW 52.4 trillion up 18 percent year over year and total operating profit rising to KRW 5.8 trillion while maintaining a solid 15.2 percent ROE, reflecting robust performance across major players.
More related reading
04 · Category
Order Intake And Backlog20 stats
01
In 2023, South Korean shipyards secured 1,238 new orders totaling 32.35 million CGT, accounting for 68% of the global market share in terms of CGT
02
Hyundai Heavy Industries (HHI) had a shipbuilding order backlog of 1,140 vessels valued at USD 55.3 billion as of end-2023
03
Korean shipbuilders received 70% of global LNG carrier orders in 2023, with 128 vessels ordered
04
Daewoo Shipbuilding & Marine Engineering (DSME, now Hanwha Ocean) booked orders for 45 LNG carriers in 2023 worth KRW 12.5 trillion
05
Samsung Heavy Industries (SHI) secured 32 ultra-large containership orders in 2023, representing 25% of global orders for this segment
06
Total Korean shipbuilding backlog stood at 43.2 million DWT as of Q4 2023, equivalent to 4.2 years of production capacity
07
In H1 2024, Korean yards won 512 newbuilding contracts worth USD 20.1 billion
08
Hanwha Ocean's order backlog reached USD 29.5 billion by mid-2024, with 70% in high-value LNG and ammonia carriers
09
Korean shipyards captured 82% of global ammonia carrier orders announced in 2023, totaling 12 vessels
10
HD Hyundai Heavy Industries signed contracts for 10 LPGC carriers in 2024 valued at USD 1.2 billion
11
Total new orders for Korean shipbuilders in 2022 were 1,014 ships at 25.6 million CGT, up 32% YoY
12
SHI's LNG carrier orders in 2023 totaled 28 units with capacity of 8.4 million cbm
13
Korean backlog for eco-friendly vessels (LNG, LPG, etc.) comprised 65% of total backlog in 2023
14
In 2023, Korea's shipbuilding contracts for methanol carriers reached 15 units, leading globally
15
HD Hyundai Samho won orders for 12 PCTCs (Pure Car Truck Carriers) worth USD 2.1 billion in 2023
16
Korean yards' total orderbook for containerships was 1.2 million TEU as of end-2023, 35% of global
17
Hanwha Philly Shipyard (affiliate) secured 5 LNG-ready product tankers in 2023
18
In Q1 2024, Korean new orders surged 150% YoY to USD 10.5 billion
19
Total Korean shipbuilding orders from Jan-Jun 2023: 628 vessels at USD 25.4 billion
20
SHI backlog included 50 LNG carriers valued at KRW 20 trillion by end-2023
Interpretation
Order Intake And Backlog Interpretation
In the Order Intake And Backlog picture, Korean shipyards locked in a strong 2023 pipeline with 1,238 new orders totaling 32.35 million CGT and a Q4 2023 backlog of 43.2 million DWT, equivalent to 4.2 years of production capacity.
05 · Category
Production Capacity And Delivery16 stats
01
Korea delivered 1,014 ships totaling 15.2 million DWT in 2023, up 25% from 2022
02
HD Hyundai Heavy Industries delivered 38 vessels in 2023, including 15 LNG carriers
03
Annual shipbuilding capacity of major Korean yards: HHI 100+ ships, SHI 80, Hanwha Ocean 60
04
Korean shipyards achieved 95% on-time delivery rate for LNG carriers in 2023
05
In 2023, Korea produced 42% of global LNG carrier deliveries, 85 units
06
Hanwha Ocean delivered its 1,000th LNG carrier in 2023, with total deliveries that year at 22 vessels
07
SHI handed over 25 ships in 2023, including 12 ultra-max containerships of 24,000 TEU each
08
Korean drydock capacity totals 4.2 million tonnes, with Ulsan yard holding 1.5 million tonnes
09
In H1 2024, Korean yards delivered 450 vessels worth USD 12.8 billion
10
HD Hyundai Samho delivered 18 PCTCs in 2023, each carrying 8,000 vehicles
11
Utilization rate of Korean shipyards reached 98% in 2023 due to high backlog
12
Korea's 2022 ship deliveries: 812 vessels at 12.1 million DWT
13
Major yards' delivery schedule fully booked until 2027 for LNG carriers
14
In 2023, Korean yards launched 1,200 blocks for mega-ships daily across facilities
15
Hanwha Ocean's Geoje yard delivered 15 tankers in Q4 2023 alone
16
SHI's Geoje shipyard produced 5.2 million tons of steel structures in 2023
Interpretation
Production Capacity And Delivery Interpretation
In 2023, Korea surged in production capacity and delivery performance, delivering 1,014 ships totaling 15.2 million DWT with a 25% year over year rise while also securing 95% on time delivery for LNG carriers and delivering 85 LNG carriers that made up 42% of global totals.
06 · Category
Technological And Environmental Innovations20 stats
01
Korean yards developed 50+ digital twin technologies for ships by 2023, reducing build time 15%
02
HHI pioneered air lubrication system (ALS) on LNG carriers, cutting fuel 5-10% since 2022
03
SHI introduced ammonia-fueled engine tech for 10 ordered carriers in 2023
04
Hanwha Ocean's LCO2 carriers feature carbon capture-ready designs, 20 units ordered
05
Korean yards hold 60 patents for wind-assisted propulsion (rotor sails) as of 2024
06
Industry adopted AI-based predictive maintenance, reducing downtime 30% in 2023
07
HD Hyundai's HiMS smart ship platform installed on 200+ vessels by 2023
08
SHI's 24,000 TEU methanol-ready containerships feature dual-fuel engines, delivered 2023
09
Korea leads in LNG bunkering vessel construction, 40% global share with zero-emission tech
10
R&D spend on hydrogen fuel cells: KRW 500B, powering 5 prototype ships by 2024
11
Korean Register certified 100+ ammonia-ready notations in 2023
12
HHI's robotic welding systems increased productivity 40% across yards
13
Eco-ship ratio in Korean deliveries: 75% in 2023 (LNG, LPG, alt-fuel ready)
14
SHI developed shaft generator tech saving 8% fuel on VLCCs, applied to 15 ships
15
Industry's blockchain-based supply chain tracking implemented for 500 vessels
16
Hanwha Ocean's FPSO with CO2 storage tech for 2 projects in 2023
17
Korea's 3D printing for ship parts reduced costs 25%, used in 100+ components
18
VR/AR training modules adopted, cutting crew training time 50% industry-wide
19
Korean yards built world's first zero-emission harbor craft in 2023
20
Total patents filed by Korean shipbuilders: 1,200 in 2023, 40% green tech
Interpretation
Technological And Environmental Innovations Interpretation
Korean shipbuilders are rapidly turning environmental innovation into measurable performance gains, from 50 plus digital twin technologies cutting build time 15 percent to AI predictive maintenance reducing downtime 30 percent and air lubrication systems lowering LNG carrier fuel use by 5 to 10 percent since 2022.
report visual · Comparison
Korean shipbuilding is scaling up with workforce, revenue, and exports growing
Workforce growth is paired with stronger financial performance and higher exports, signaling sustained demand and capacity utilization.
Korean shipbuilding export value: USD 42 billion in 2023, 22% growth22%
Korean shipbuilding industry revenue reached KRW 52.4 trillion in 2023, up 18% YoY
18%
Korean shipbuilding industry employed 152,000 workers in 2023, up 12% YoY
12%
Reference
Cite This Report
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APA
Rachel Svensson. (2026, February 13). Korean Shipbuilding Industry Statistics. Gitnux. https://gitnux.org/korean-shipbuilding-industry-statistics
MLA
Rachel Svensson. "Korean Shipbuilding Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korean-shipbuilding-industry-statistics.
Chicago
Rachel Svensson. 2026. "Korean Shipbuilding Industry Statistics." Gitnux. https://gitnux.org/korean-shipbuilding-industry-statistics.
Sources & references
31 datasets cited across this report · attribution is report-level