While South Korea’s merchant fleet sails with impressive global rankings, its real power lies beneath the surface in the specialized ships and record-breaking trade volumes that fuel its dynamic economy.
Key Takeaways
- In 2022, South Korea's oceangoing merchant fleet consisted of 1,285 vessels with a total deadweight tonnage (DWT) of 86.3 million tons, ranking 5th globally among fleet-owning nations
- As of end-2023, Korean shipowners controlled 1,456 ships totaling 92.1 million DWT, representing a 6.7% increase from 2022, driven by newbuild deliveries
- South Korea's container ship fleet stood at 342 vessels with 1.85 million TEU capacity in 2023, holding 4.2% of the global container fleet share
- South Korea's seaborne trade volume reached 1.32 billion tons in 2022, with exports at 0.68 billion tons and imports at 0.64 billion tons
- Container throughput at Korean ports hit 30.1 million TEU in 2023, up 4.2% from 2022, led by Busan port's 22.7 million TEU
- In 2022, dry bulk cargo handled by Korean shipping reached 452 million tons, including 210 million tons of coal
- In 2022, South Korean shipping companies generated KRW 45.2 trillion in revenue, contributing 1.8% to national GDP
- The shipping industry's value added to South Korea's economy was KRW 28.7 trillion in 2023, employing 320,000 direct jobs
- Korean shipowners' operating profit margin averaged 15.4% in 2022, boosted by high freight rates
- In 2023, South Korean shipyards delivered 1,056 vessels totaling 25.4 million CGT, holding 32% global market share
- Orders for Korean shipyards reached 342 ships worth $28.7 billion in 2023, led by LNG carriers
- Hyundai Heavy Industries built 156 vessels in 2022, including 45 LNG carriers
- Busan New Port handled 10.2 million TEU in 2023, with 45m water depth accommodating mega-vessels
- Incheon Port's total cargo throughput reached 28.4 million tons in 2022, including 2.1 million TEU containers
- Ulsan Port processed 189 million tons of cargo in 2023, 85% petroleum and bulk liquids
South Korea's shipping industry is a large, modern, and growing global fleet leader.
Cargo and Trade
- South Korea's seaborne trade volume reached 1.32 billion tons in 2022, with exports at 0.68 billion tons and imports at 0.64 billion tons
- Container throughput at Korean ports hit 30.1 million TEU in 2023, up 4.2% from 2022, led by Busan port's 22.7 million TEU
- In 2022, dry bulk cargo handled by Korean shipping reached 452 million tons, including 210 million tons of coal
- Korean LNG imports via sea totaled 48.3 million tons in 2023, a 12.5% increase, mainly from Qatar and USA
- Crude oil imports by tanker to South Korea were 817 million barrels in 2022, 95% of total energy imports
- Iron ore imports via capesize vessels hit 72 million tons in 2023, sourced 60% from Australia
- South Korea's container exports grew to 16.8 million TEU in 2022, with electronics comprising 28% by value
- Grain imports by bulk carrier totaled 18.4 million tons in 2023, up 7% due to feed demand
- In 2022, Korean car exports via PCTCs reached 4.1 million units, valued at $62 billion USD
- Chemical product exports seaborne volume was 12.7 million tons in 2023, growing 5.8%
- South Korea handled 156 million tons of liquid bulk cargo in 2022, 42% petroleum products
- Ro-Ro cargo volume at Korean ports was 28.5 million tons in 2023, including vehicles and machinery
- Coal imports declined to 128 million tons in 2023 from 142 million in 2022 due to green transition
- Semiconductor exports via container ships totaled $110 billion in 2022, 25% of total exports
- Fertilizer imports by sea reached 5.6 million tons in 2023, sourced from Middle East
- Steel product exports seaborne were 34.2 million tons in 2022, up 3.1%
- In 2023, Korean short-sea shipping cargo was 210 million tons, 16% of total trade
- Refined petroleum exports hit 47 million tons in 2022, mainly to Asia-Pacific
- Scrap metal imports for recycling totaled 22.4 million tons via bulkers in 2023
- Textiles and apparel seaborne exports were 2.8 million tons in 2022
- Battery materials imports, including nickel and lithium, reached 1.2 million tons in 2023
- Cement exports by sea were 9.7 million tons in 2022, to Southeast Asia
- Forestry products imports totaled 14.5 million tons in 2023, mainly logs and pulp
- Auto parts seaborne trade volume was 18.9 million tons in 2022, bidirectional
Cargo and Trade Interpretation
South Korea’s economy floats entirely on a vast sea of statistics, each ton and TEU a testament to its status as an export colossus, yet one nervously eyeing the coal it burns, the oil it guzzles, and the green transition nipping at its hull.
Economic and Financial
- In 2022, South Korean shipping companies generated KRW 45.2 trillion in revenue, contributing 1.8% to national GDP
- The shipping industry's value added to South Korea's economy was KRW 28.7 trillion in 2023, employing 320,000 direct jobs
- Korean shipowners' operating profit margin averaged 15.4% in 2022, boosted by high freight rates
- Total investments in Korean shipping fleet reached $15.6 billion USD in 2023, mainly newbuilds
- Shipping export earnings from chartering services were $22.4 billion in 2022, 12% of service exports
- The Korean shipbuilding and shipping sector's R&D expenditure was KRW 1.2 trillion in 2023
- Freight income for Korean liners hit KRW 18.9 trillion in 2022, up 25% YoY
- Ship management fees earned by Korean firms totaled $3.8 billion in 2023
- Korean shipping stocks market cap reached KRW 120 trillion by end-2023
- Government subsidies to shipping industry amounted to KRW 850 billion in 2022 for green tech
- Insurance premiums paid by Korean shipowners were $2.1 billion in 2023
- Bunker fuel costs for Korean fleet were $18.7 billion in 2022, 32% of OPEX
- Korean shipping M&A deals totaled $4.5 billion in 2023, including Pohang merger
- EBITDA for top 10 Korean shipowners averaged $1.2 billion each in 2022
- Tax contributions from shipping sector were KRW 2.3 trillion in 2023
- Financing costs for Korean newbuild orders hit $12 billion in 2023 at 4.2% interest avg
- Korean shipping exports of services grew 8.7% to $25.6 billion in 2022
- OPEX per TEU for Korean container lines was $1,250 in 2023
- Ship scrapping credits earned by Korean owners totaled 1.2 million LDT in 2022, valued $450 million
- Korean fleet's daily TCE averaged $45,000 for VLCCs in 2023
- Revenue from Korean port operations was KRW 5.1 trillion in 2022
- Korean shipping's carbon tax liability projected at KRW 300 billion by 2025
- Dividends paid by Korean listed shipowners totaled KRW 1.8 trillion in 2023
Economic and Financial Interpretation
South Korea’s shipping industry, while floating atop a sea of formidable profits and staggering investments, now carefully navigates the looming swells of green mandates and carbon taxes, proving it’s far more than just a downstream tributary to the national economy.
Fleet Statistics
- In 2022, South Korea's oceangoing merchant fleet consisted of 1,285 vessels with a total deadweight tonnage (DWT) of 86.3 million tons, ranking 5th globally among fleet-owning nations
- As of end-2023, Korean shipowners controlled 1,456 ships totaling 92.1 million DWT, representing a 6.7% increase from 2022, driven by newbuild deliveries
- South Korea's container ship fleet stood at 342 vessels with 1.85 million TEU capacity in 2023, holding 4.2% of the global container fleet share
- In 2022, the Korean LNG carrier fleet numbered 112 vessels with 18.4 million cbm capacity, accounting for 15.8% of the world total
- Korean-owned tanker fleet reached 289 vessels totaling 28.7 million DWT by Q4 2023, up 3.4% year-on-year
- As of 2023, South Korea had 156 bulk carriers over 10,000 DWT with 12.6 million DWT, ranking 6th worldwide
- The average age of the Korean merchant fleet was 10.2 years in 2023, below the global average of 12.5 years, indicating a relatively modern fleet
- Korean chemical tanker fleet comprised 145 ships with 2.1 million DWT in 2022, 8.3% of global capacity
- In 2023, South Korea's car carrier fleet totaled 78 vessels with 1.2 million CEU capacity, holding 12% market share
- Korean ferry and Ro-Ro fleet numbered 214 vessels with 0.9 million lane meters in 2022
- By mid-2023, Korean-owned VLCCs reached 89 units with 27.5 million DWT, 14.2% of global VLCC fleet
- South Korea's PCTC fleet expanded to 92 vessels totaling 1.45 million CEU in 2023
- In 2022, Korean fleet's share in Aframax tankers was 112 ships with 11.8 million DWT
- Korean LPG carrier fleet was 76 vessels with 4.2 million cbm capacity end-2023, 9.1% global share
- As of 2023, South Korea controlled 34 capesize bulkers over 170,000 DWT totaling 6.1 million DWT
- Korean fleet's product tanker segment had 167 ships with 5.6 million DWT in 2022
- In 2023, Korean-owned Suezmax tankers numbered 67 with 9.2 million DWT
- South Korea's fleet included 45 ammonia-ready vessels by end-2023, leading Asia in green shipping prep
- Korean handymax bulk carrier fleet was 89 vessels with 3.4 million DWT in 2022
- As of Q3 2023, Korean fleet's total TEU capacity reached 2.1 million across 389 boxships
- In 2022, South Korea had 23 LNG bunkering vessels in its fleet, 18% of global total
- Korean panamax bulker fleet stood at 112 ships with 8.7 million DWT end-2023
- By 2023, Korean owners operated 56 methanol carriers with 0.8 million cbm
- South Korea's fleet age profile showed 42% under 5 years old in 2023
- In 2022, Korean fleet's total gross tonnage was 54.2 million GT, 4th in Asia
- Korean supramax bulker fleet reached 134 vessels with 4.9 million DWT by 2023
- As of 2023, 28 Korean vessels were hydrogen-ready, pioneering alternative fuels
- Korean fleet's feeder container ships numbered 156 with 0.4 million TEU in 2022
- In 2023, South Korea's total owned fleet value exceeded $120 billion USD
- Korean MR tanker fleet was 98 ships with 3.2 million DWT end-2022
Fleet Statistics Interpretation
South Korea's maritime ambition sails forward with a modern, diversified fleet, expanding methodically like a carefully plotted shipping route to secure its position as a global powerhouse, not just in bulk tonnage but in the crucial future fuels race.
Ports and Logistics
- Busan New Port handled 10.2 million TEU in 2023, with 45m water depth accommodating mega-vessels
- Incheon Port's total cargo throughput reached 28.4 million tons in 2022, including 2.1 million TEU containers
- Ulsan Port processed 189 million tons of cargo in 2023, 85% petroleum and bulk liquids
- Gwangyang Port's container volume hit 2.8 million TEU in 2022, up 9.4% YoY
- Pohang Port handled 112 million tons in 2023, specializing in steel and iron ore
- Yeosu Port's LNG terminal received 120 cargoes totaling 8.7 million tons in 2022
- Korean ports' total container crane count reached 456 units by 2023, with 28 STS cranes added
- Average container dwell time at Busan Port was 1.2 days in 2023, among world's fastest
- Pyongtaek-Dangjin Port throughput was 45.6 million tons in 2022, 40% coal and minerals
- Korean smart port initiatives covered 85% of major terminals by 2023, using AI and blockchain
- Masan Port handled 12.3 million tons in 2023, focusing on regional logistics
- Total berth length at Korean ports expanded to 28,450 meters by end-2023
- Busan Port's reefer container volume was 1.2 million TEU in 2022, 4% of total
- Korean ports' truck gate throughput averaged 1.45 million vehicles annually in 2023
- Gwangyang's automated terminal handled 1.1 million TEU in 2023 with zero emissions
- National port investment budget was KRW 2.8 trillion in 2023 for expansion
- Korean port productivity reached 28.4 moves per crane hour in 2022
- Onsan Port's chemical berth expansions added 3 new docks handling 15 million tons in 2023
- Digital twin technology implemented at 12 Korean ports by 2023, reducing delays 15%
- Korean intermodal rail volume from ports hit 45 million tons in 2022
Ports and Logistics Interpretation
While South Korea's ports may each have a distinct specialty—from Busan’s blazing-fast mega-ship ballet to Ulsan’s river of petroleum and Yeosu’s parade of LNG tankers—they collectively form a world-class industrial orchestra, conducting the nation’s trade with impressive speed, digital precision, and staggering volume.
Shipbuilding and Repairs
- In 2023, South Korean shipyards delivered 1,056 vessels totaling 25.4 million CGT, holding 32% global market share
- Orders for Korean shipyards reached 342 ships worth $28.7 billion in 2023, led by LNG carriers
- Hyundai Heavy Industries built 156 vessels in 2022, including 45 LNG carriers
- Korean ship repair market handled 2,450 repair jobs in 2023, totaling 18.6 million DWT repaired
- Samsung Heavy Industries secured 78 newbuild contracts in 2023, 60% alternative fuel ready
- Daewoo Shipbuilding delivered 89 ships in 2022, with 12 VLCCs among them
- Korean yards' LNG carrier orders backlog was 189 vessels end-2023, 41% global share
- Shipbuilding exports revenue hit $35.2 billion in 2023, 4.1% of total exports
- Hanwha Ocean repaired 210 vessels in 2022, specializing in FPSOs
- Korean newbuild prices for 180k DWT LNG carriers averaged $265 million in 2023
- Total CGT under construction in Korean yards was 42.1 million end-2023
- Eco-friendly vessel orders comprised 72% of Korean shipyard backlog in 2023
- Korean yards launched 1,234 blocks for container ships in 2022
- Repair docking days in Korean facilities totaled 145,000 days in 2023
- HD Hyundai delivered world's first ammonia-fueled vessel in 2023
- Korean shipbuilding employment peaked at 185,000 workers in 2023
- Container ship newbuild orders in Korea were 56 vessels totaling 450,000 TEU in 2022
- FPSO construction contracts worth $4.2 billion awarded to Korean yards in 2023
- Steel plates used in Korean shipbuilding totaled 12.4 million tons in 2022
- Korean yards' delivery schedule for 2024 includes 210 LNG/ammonia carriers
- Drydock capacity in Korea handled 1,250 vessels over 1 million GT in 2023
- VLCC newbuild price from Korean yards averaged $112 million in Q4 2023
- Korean shipyards achieved 98.7% on-time delivery rate in 2022
- Offshore wind vessel orders totaled 34 units for Korean yards in 2023
Shipbuilding and Repairs Interpretation
Korea isn't just building ships; it's aggressively cornering the market on the future of maritime transport, stitching together a global dominance from a tapestry of staggering stats—from constructing nearly a third of the world's new vessels to pioneering green technology and fixing almost everything that floats.
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