South Korea is a global leader in shipbuilding and offshore structures, boasting a particularly strong competitive edge in LNG carriers and floating structures for offshore plants. However, recent delays in construction schedules, rising raw material costs, tightening environmental and safety regulations, and trade and tariff risks in key markets like the United States are weighing on exports. ( Reuters)
Key export items for Korean shipbuilding and marine structures include large vessels such as LNG carriers, container ships, and tankers, as well as floating offshore wind power structures.
division | HS code examples | Representative items | Strategy Points |
|---|---|---|---|
| Large merchant ships, tankers, and container ships | HS89.01–89.06, etc. | LNG carriers, ultra-large container ships | Responding to technology and environmental regulations → High added value |
| Offshore plants and floating structures | HS89.09 Variant Standard | FPSO, FLNG, and floating offshore wind platforms | Expansion of maritime business and localization of equipment are important. |
| Ship equipment and modules | HS84/85 auxiliary code | Engine pod, propulsion module, control system | Linking parts exports and stabilizing the supply chain |
Country/Region | Strong items | Market characteristics | Implications |
|---|---|---|---|
| Middle East/United Arab Emirates | LNG ships and tankers | Energy exporting country → Continued shipbuilding orders | Glass' strategy centered on high-spec, eco-friendly ships |
| Europe and North America | Container ships and offshore wind power structures | Increasing demand for eco-friendly, low-carbon facilities | Strengthening technology, certification, and service support is essential. |
| Southeast Asia/ASEAN | Medium-sized merchant ships and floating structures | Expansion of offshore infrastructure and wind power projects | Strengthening the export base of Korean shipbuilding materials and components |
| India and South Asia | small and medium-sized tankers and bulk carriers | Increased demand for ship replacement and infrastructure investment | Price competition and technological differentiation are both necessary. |
The shipbuilding and other floating structure industry is measured by the number of shipbuilding contracts (CGT, Compensated Gross Tons) and the number of completed ships and equipment delivered, rather than the general export volume (tons).
item | Number/estimate | unit | note |
|---|---|---|---|
| Global Shipbuilding Order Share (2024) | About 17% | % | Market Position of the Korean Shipbuilding Industry: Marine Insight |
| Example of Korean ship exports | approximately USD 17.7 billion | USD | World Population Review, based on 2023 data |
| Exportable volume ratio (estimated) | About 50 to 60% | % | Considering the impact of drying period and delivery delay |
The export of shipbuilding and offshore structures is subject to high technical, safety, and environmental standards.
field | Main specifications | note |
|---|---|---|
| Ship design and structure | IACS, LR (Lloyd's Register) standards | Required for exporting merchant ships and tankers |
| Environmental and Emission Regulations | IMO 2020, EU ETS regulations including shipping | The need to respond to low-sulfur and decarbonized fuels |
| Safety and quality of marine structures | API RP2A, ISO 19901, etc. | Application to offshore plant and wind power floating body design |
When entering the global market, various certifications and approvals are required, and in particular, ship security regulations and military and commercial standards vary by country.
division | Certification name | Applicable area |
|---|---|---|
| Ship and maritime safety | SOLAS, MARPOL, ISM Code | Global |
| Classification/Quality | LR, ABS, DNV-GL approved | Export classification basis |
| Eco-friendly certification | EU ETS applicable, CII rating | Ships and marine equipment |
Delivery of finished goods and modules is a project-based export, and thus involves complex logistics, financial, and installation risks.
Product group | means of transportation | Average lead time | Key Risks |
|---|---|---|---|
| large merchant ships and tankers | Offshore (FEED → Construction → Departure) | 3 to 6 months | Construction delays, rising raw material costs, and exchange rate risks |
| Marine plants and floating bodies | Including offshore/installation | 6 to 12 months | Complex installation site risks, maritime conditions, and project management |
| Ship equipment and modules | Container/barge combination | 4 to 12 weeks | ESD, quality defects, and parts supply chain management |
This industry is typically based on unit (scale) and project units.
Product group | MOQ | unit | characteristic |
|---|---|---|---|
| Completed ship | 1 or more ships | Units | Large-scale contracts, parallel financing |
| Marine plants and floating bodies | 1 set or 1 contract unit | Set (Project) | Customized design and delivery for each project are important. |
| Equipment and modules | 1 Pallet or CTN | Set/piece | Mass-produced parts and modules transactions |
cord | item | example | conjugation |
|---|---|---|---|
| (A) | Unit price/transaction price range | LNG ship construction cost USD ~150 million per ship | Project Profitability Analysis |
| (B) | Seasonal demand and patterns | Offshore wind power bidding peaks in Q3-Q4 | Establishing delivery and production plans |
| (C) | Tariff and non-tariff risks | Support for the US shipbuilding industry and tariff pressure | Market diversification and response strategies are needed. |
| (D) | Domestic alternative industry data | Increasing trend in domestic production of equipment and materials | Minimizing supply chain risks |
| (E) | ESG·Net Zero Correlation | Expanding eco-friendly ships and low-carbon structures | Opportunity to enter new high value-added markets |
| (F) | Country-specific risk index | US/Middle East 0.30 level | Market Selection Strategy Indicators |
| (G) | List of major buyers | Global shipping and plant companies | Deriving strategic sales targets |
segment | ΔExport(%) | ΔPrice(%) | ΔCountryShare(pp) | TrustIndex(0–1) | 3M Forecast |
|---|---|---|---|---|---|
| large merchant ships and tankers | +2.1% | -0.5% | +0.1 pp | 0.72 | Demand recovery, but rising material costs remain a concern. |
| Offshore plants and floating structures | +3.4% | +1.0% | +0.3 pp | 0.78 | Expectations for expansion of offshore wind power projects |
| Ship equipment and modules | +1.7% | +0.2% | +0.2 pp | 0.69 | Stabilizing trend of mass production demand |
