While China’s yards produced a staggering 61% of global tonnage last year and LNG carriers dominate new orders, these statistics only hint at the powerful forces reshaping our planet's shipbuilding and maritime future.
Key Takeaways
- In 2022, global shipyard deliveries reached 1,632 vessels with a total gross tonnage of 38.6 million GT, marking a 15.2% increase from 2021.
- China led global shipbuilding with 1,303 completions totaling 23.5 million GT in 2022, representing 61% of world output.
- South Korea's shipbuilding industry produced ships worth $47.2 billion in orders in 2022, holding 40% of the global orderbook in CGT terms.
- Hyundai Heavy Industries delivered 12.1 million GT in 2022, top global yard.
- Samsung Heavy Industries secured $15.4 billion in orders in 2022, focusing on LNG carriers.
- Global container ship newbuild orders in 2022 totaled 435 vessels with 4.1 million TEU.
- US commercial shipbuilding output: 0.1 million GT in 2022, mostly Jones Act.
- US Navy awarded $9.5 billion in shipbuilding contracts in FY2022.
- China's PLA Navy commissioned 25 major surface combatants in 2022.
- US shipbuilding workforce shortage: 20,000 skilled workers needed by 2030.
- Global shipbuilding employment: 1.2 million direct jobs in 2022, mostly Asia.
- South Korea shipbuilding workforce: 180,000 workers in 2022.
- Global shipbuilding R&D spend: $5 billion annually, employing 50,000 engineers.
- 3D printing used in 20% of new ship components by 2023.
- Autonomous ship trials: 50+ by 2023, led by Norway and Japan.
The global shipbuilding industry is experiencing robust growth led by Asia, with demand for specialized and green vessels rising significantly.
Commercial Shipbuilding
- Hyundai Heavy Industries delivered 12.1 million GT in 2022, top global yard.
- Samsung Heavy Industries secured $15.4 billion in orders in 2022, focusing on LNG carriers.
- Global container ship newbuild orders in 2022 totaled 435 vessels with 4.1 million TEU.
- Bulk carrier deliveries reached 16.5 million DWT in 2022, 42% of total.
- LNG carrier orderbook stood at 462 vessels (40 million cbm) end-2022.
- Tanker new orders were 280 vessels totaling 28 million DWT in 2022.
- Chinese yards like CSSC delivered 70% of global crude tankers in 2022.
- Korean yards held 75% of LNG carrier orderbook in 2022.
- Ro-Ro vessel deliveries were 1.2 million GT in 2022 globally.
- Chemical tanker orders rose 25% to 120 vessels in 2022.
- Ferry newbuilds totaled 45 vessels (0.5 million GT) in 2022.
- Offshore supply vessel orders were 85 units in 2022, up 40%.
- Car carrier deliveries reached 0.8 million GT in 2022 amid chip shortages.
- Dry bulk capesize newbuild prices hit $65 million in 2022.
- Product tanker orderbook was 15% of tanker total in 2022.
- Cruise ship new orders were 25 vessels (200,000 GT) in 2022.
- VLCC deliveries from Asia yards: 45 vessels (14 million DWT) in 2022.
- Suezmax tanker orders: 60 vessels (10 million DWT) in 2022.
- Panamax bulker deliveries: 120 units (8 million DWT) in 2022.
- FPSO conversions and newbuilds: 12 units ordered in 2022.
- Windfarm installation vessels orders: 30 in 2022.
- LPG carrier deliveries: 50 vessels (4 million cbm) in 2022.
- Handymax tanker newbuilds: 90 units in 2022.
- Reefer vessel orders minimal at 5 units in 2022.
- Commercial shipbuilding in Europe focused on high-value: 90% LNG/ammonia ready.
- Chinese commercial yard Daewoo delivered 50+ methanol dual-fuel ships in 2022.
- Global commercial fleet age averaged 10.4 years in 2022, prompting newbuilds.
Commercial Shipbuilding Interpretation
The industry's 2022 scorecard paints a picture of a maritime world charging full-speed into an energy transition, with Korean yards hoarding the lucrative LNG blueprints, China mass-producing the tanker workhorses, and everyone else scrambling to build the specialized vessels—from wind installers to methanol-fueled ships—that will either carry or replace the cargo of a climate-conscious future.
Global Shipbuilding Market
- In 2022, global shipyard deliveries reached 1,632 vessels with a total gross tonnage of 38.6 million GT, marking a 15.2% increase from 2021.
- China led global shipbuilding with 1,303 completions totaling 23.5 million GT in 2022, representing 61% of world output.
- South Korea's shipbuilding industry produced ships worth $47.2 billion in orders in 2022, holding 40% of the global orderbook in CGT terms.
- The global shipbuilding market size was valued at $155.6 billion in 2023 and is projected to reach $210.4 billion by 2030 at a CAGR of 4.4%.
- Japan's shipbuilding output in 2022 was 18.2 million GT from 231 vessels, securing third place globally with a 10% market share.
- New shipbuilding orders in 2022 totaled 2,379 vessels with 47.8 million CGT, up 24% year-on-year.
- The LNG carrier segment dominated newbuild orders with 38% of global CGT in 2022.
- Global shipbuilding orderbook stood at 7,316 vessels totaling 208 million DWT as of end-2022, equivalent to 5.2 years of production.
- Europe accounted for just 4% of global merchant ship completions in 2022 with 0.9 million GT.
- Container ship orders surged 105% in 2022, comprising 25% of the orderbook.
- In 2023, the global shipbuilding industry faced a yard utilization rate of 95% due to high demand.
- Vietnam's shipbuilding output grew 12% to 0.8 million GT in 2022.
- The bulk carrier sector represented 42% of deliveries by deadweight tonnage in 2022.
- Global shipbuilding investments reached $12.5 billion in new yard facilities in 2022.
- Philippines shipbuilding completions were 0.4 million GT in 2022, up 8%.
- Tanker orders fell 15% in 2022 to 12% of global orderbook.
- World shipyard capacity is estimated at 50 million GT annually as of 2023.
- China's shipbuilding market share rose from 36% in 2018 to 61% in 2022.
- Global newbuild prices for VLCCs increased 20% in 2022 to $110 million per vessel.
- Shipbuilding orderbook for green vessels (LNG, etc.) reached 30% of total in 2023.
- In 2022, 65% of global shipbuilding capacity was concentrated in Asia.
- Global ship scrapping in 2022 was 8.5 million DWT, down 30% from 2021.
- Average shipbuilding contract price index rose 5.2% in 2022.
- India’s shipbuilding output was 0.2 million GT in 2022.
- Containership orderbook grew to 33 million TEU capacity in 2022.
- Global shipbuilding revenue projected to hit $182 billion by 2027.
- In 2023, methanol-fueled newbuild orders increased 150% year-on-year.
- Shipbuilding backlog for Chinese yards was 75 million DWT in 2022.
- Global yard delivery delays averaged 6 months in 2022 due to supply chain issues.
- World merchant fleet expansion was 3.2% in 2022, driven by newbuilds.
Global Shipbuilding Market Interpretation
The shipbuilding world is caught in a fierce, two-horse race between a Chinese juggernaut that now dominates tonnage and a Korean powerhouse that commands premium orders, all while the industry feverishly builds towards a greener, more expensive fleet and leaves its historic centers watching from the dockside.
Naval Shipbuilding
- US commercial shipbuilding output: 0.1 million GT in 2022, mostly Jones Act.
- US Navy awarded $9.5 billion in shipbuilding contracts in FY2022.
- China's PLA Navy commissioned 25 major surface combatants in 2022.
- Virginia-class submarine program: 2 boats delivered in 2022, 10-year backlog.
- UK Royal Navy's Type 26 frigate first steel cut in 2022, 8 planned.
- Russia's naval shipbuilding output: 5 submarines, 10 corvettes in 2022.
- India's naval shipbuilding: 3 destroyers launched in 2022 under Project 15B.
- French Navy's FDI frigate program: First keel laid 2022, 5 vessels planned.
- Australia's Hunter-class frigate: Contracts worth A$35 billion awarded 2022.
- South Korea built 4 KDX-III destroyers for its navy by 2022.
- US Ford-class carrier CVN-78 commissioned 2022 after 8-year build.
- Japan's Mogami-class frigates: 2 commissioned in 2022.
- Turkey's MILGEM corvettes: 6 delivered to navy by 2022.
- Iran's naval shipbuilding: 3 new submarines launched 2022.
- NATO naval newbuilds: 15 frigates under construction in 2022.
- Columbia-class SSBN program: Construction started 2021, first delivery 2031.
- China's Type 055 cruiser: 8 commissioned by 2022, 10,000 tons displacement.
- UK's Dreadnought SSBN: Steel cut 2021, 4 boats planned.
- Constellation-class frigate for US Navy: First award 2022, 20 planned.
- Global naval vessel orderbook: 450 major units valued at $350 billion in 2023.
Naval Shipbuilding Interpretation
Despite its immense naval spending and a world-class military-industrial complex, America's shipyards are so thoroughly tasked with building warships that its commercial maritime presence has withered to a paltry trickle protected by the Jones Act, leaving the high seas of global trade to be ruled by others.
Technological Innovations
- Global shipbuilding R&D spend: $5 billion annually, employing 50,000 engineers.
- 3D printing used in 20% of new ship components by 2023.
- Autonomous ship trials: 50+ by 2023, led by Norway and Japan.
- LNG as fuel: 500+ newbuilds ordered with dual-fuel by 2023.
- Ammonia-ready ships: 30% of 2023 orderbook compliant.
- AI predictive maintenance in yards: Reduces downtime 25%.
- Digital twins implemented in 40 top yards by 2023.
- Robotic welding arms: 5,000 units in use, boosting productivity 40%.
- Hydrogen fuel cell ships: 10 prototypes built by 2023.
- Blockchain for supply chain: Adopted by 15% yards in 2023.
- AR/VR for training: Used by 30,000 workers in 2023.
- Modular construction: 50% faster build time in advanced yards.
- Battery-electric ferries: 200+ in operation by 2023.
- Wind-assisted propulsion: Retrofitted on 100 ships, newbuilds 50 in 2023.
- IoT sensors per ship: 10,000+ for real-time monitoring in newbuilds.
- Laser cutting machines: 2,000 in global yards, precision 99.9%.
- Cyber-secure naval systems: Mandatory in 100% US newbuilds 2023.
- Hull form optimization via CFD: Fuel savings 15% in new designs.
- Autonomous cranes: 500 installed in mega-yards by 2023.
- Carbon capture tech prototypes: 5 ships testing by 2023.
- Quantum computing for route optimization: Piloted in 10 yards 2023.
- Smart paints with sensors: Applied to 200 new hulls in 2023.
- UAV inspections: 1,000 drones in shipyard use 2023.
- 5G networks in yards: 95% coverage in top 50 yards.
- Biodegradable antifouling: 20% newbuild adoption 2023.
- Edge computing for welding: Real-time quality control 99% accuracy.
Technological Innovations Interpretation
The maritime industry is frantically remodeling itself from a stoic giant of steel and rivets into a nimble, data-driven orchestra of engineers, robots, and alternative fuels, all racing to prove that the future of shipping is not only cleaner and smarter but can still be built on time.
Workforce and Employment
- US shipbuilding workforce shortage: 20,000 skilled workers needed by 2030.
- Global shipbuilding employment: 1.2 million direct jobs in 2022, mostly Asia.
- South Korea shipbuilding workforce: 180,000 workers in 2022.
- China employs 800,000 in shipbuilding industry as of 2023.
- US maritime workforce: 400,000 total, shipbuilding 30,000 in 2022.
- EU shipbuilding direct employment: 80,000 in 2022, down 20% since 2010.
- Average shipyard worker salary in China: $15,000 annually in 2022.
- Japan shipbuilding labor force: 120,000 skilled welders and fitters in 2022.
- Training programs: 50,000 apprentices in global shipyards annually.
- Female workforce in shipbuilding: 15% globally, 25% in design roles 2023.
- Labor productivity in Korean yards: 45 GT per worker per year in 2022.
- US Navy shipyard overtime hours: 20% above norm in 2022 due to backlog.
- Philippines shipbuilding jobs: 50,000, growing 10% yearly.
- Automation reduced manual labor by 30% in top yards by 2023.
- UK shipbuilding apprenticeships: 2,500 new starts in 2022.
- Global shortage of naval architects: 10,000 positions unfilled 2023.
- India shipyard employment: 40,000, with 5,000 new hires in 2022.
- Safety incidents in shipyards: 2.5 per 100 workers in 2022 globally.
- Unionized workforce: 60% in European yards, 10% in Asia 2022.
- Aging workforce: 40% over 50 in US shipyards 2023.
- Digital twin training for 20,000 workers in 2023 shipyards.
- Brazil shipbuilding jobs: 15,000, focused on offshore.
- Robotic welding operators trained: 5,000 globally in 2022.
- Overtime costs in yards: $2 billion globally in 2022.
- Youth employment programs: 10% workforce under 25 in Korea 2022.
Workforce and Employment Interpretation
The United States urgently needs to fill 20,000 skilled shipyard jobs by 2030, but with an aging workforce and Asia's massive, established industry—where China alone employs more people than the entire U.S. maritime sector—we'd better hope our digital twins and training programs can build ships as fast as other countries build careers.
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