Veson Nautical: Majority of vessels on order in South Korea are being fitted with dual fuel engines
Approximately 63% of the vessels on order in South Korea are being fitted with dual fuel capabilities, with a market value of USD 99.58 million, says Rebecca Galanopoulos Jones, Content Analyst.
The following is an infographic analysis by Rebecca Galanopoulos Jones, Content Analyst at Veson Nautical, shared with Singapore-based bunkering publication Manifold Times on the vessels on order in South Korea including the share of dual fuel vessels being built:
South Korean Orderbook Analysis
To mark the start of the KOBC and Marine Money conferences in South Korea, we take a look at the South Korean orderbook, using VesselsValue data. The infographic analyses the breakdown of vessels on order in South Korea, the top ordering nations, the key companies investing in South Korean newbuildings, the most valuable vessels on order and the share of dual fuel vessels being built.
South Korean Orderbook by Vessel Type
Containers are the most popular vessel on order in South Korea, with a total of 263 vessels, followed by LNG carriers with 249 vessels, Tankers ranked third with a total of 135 and LPG carriers are in fourth place with 67 vessels.
LNG carriers are the most valuable sector on order, worth USD 34.2 bn. This sector has seen extraordinary increases in values over the last two years with values exceeding record highs at the end of Q3 2022 and continuing to rise since then. The contract price of a newbuild Large LNG vessel of 174,000 CBM, has risen by c. 26.37% since October 2021 from USD 203.83 mil to USD 257.74 mil. Since October 2021, there have been 285 LNG vessel orders globally, which equates to 27.4% of the live fleet. This is due to improved demand fundamentals that have resulted from the ongoing conflict between Ukraine and Russia. Despite a relatively small live fleet of 1,039 vessels, soaring global demand for LNG has sent the values sky high with the fleet value for LNG carriers currently at USD 190 bn.
South Korean Orderbook by Top Owning Nations
Of the top owning nations within the South Korean orderbook. Greece ranks first. This is both by number of vessels and total value, comprising of 124 vessels on order and a total value of USD 18.99 bn. Sea Traders have the largest orderbook in terms of volume, with 22 Panamax Bulkers on order, followed by Evalend Shipping with 21 vessels on order including VLGC LPGs, Handy Bulkers, Suezmax and LR1 Tankers and Large LNG vessels. Dynacom Tankers have 19 vessels on order ranging from VLCCs to LR2s. South Korea ranks second with 113 vessels on order and a market value of USD 17.1 Bn. Japan are in third place with 84 vessels on order, worth USD 15.58 Bn.
South Korean Orderbook by Top Five Owners
NYK Line is ranked first within a list of the top five owners with vessels on order in South Korea, with an orderbook value of USD 7.62 Bn, consisting of 29 Large LNG vessels of 174,000 CBM. In addition to the vessels on order in South Korea, NYK Line has a further 32 vessels on order in Japanese and Chinese yards, this includes additional LNG vessel orders, Bulkers, Containers, LPG and Vehicle Carriers. Global Meridian Holdings are in second place with a total of USD 6.07 bn on order and a total of 23 vessels, all are Large LNG vessels of 174,000 CMB. With a total orderbook value of USD 5.9 Bn, Evergreen Marine Corp rank third.
The 34 vessels on order are all New Panamax Containers of 15,000 – 15,500 TEU. They are followed by MOL in fourth place, with an orderbook value of USD 5.56 Bn, a total of 21 vessels consisting mainly of Large LNG vessels of 174,000 CBM. Eastern Pacific Shipping are in fifth place with a total value of USD 4.85 Bn, the 18 vessels on order in South Korea consist of Containers and LPG carriers.
It should be noted that CMG CGM have the highest number of vessels on order in South Korea, with a total of 38 Containers vessels, ranging from Sub Panamax vessels of 2,000 TEU to New Panamax Containers of 13,000 TEU and a market value of USD 3.83 mil.
South Korean Orderbook by Dual Fuel engines
Of the vessels on order in South Korea, approximately 63% are being fitted with dual fuel capabilities, with a market value of USD 99.58 mil. With the exception of LNG carriers which will always be dual fuel, all Vehicle Carriers on order in South Korea are dual fuel. Within the global orderbook almost all Vehicle Carriers are Dual Fuel spec comprising c.82% of total orders based on 133 ships. This is because the main cargo onboard Vehicle Carriers is factory new OEM (Original Equipment Manufacturer) light vehicles including EVs (Electric Vehicles), and OEMs prefer to transport their light & heavy new vehicles on clean vessels offering lower emission ratings. This has resulted in a higher number of DF ships being ordered by shipowners in the Vehicle Carrier sector relative to other sectors.
The second highest percentage is the LPG sector where 43 vessels dual fuel vessels have been contracted, equating to c.63% of the orderbook. Approximately 56% of the Container orderbook or 147 vessels will be built as dual fuel, with a market value of USD 24.39 mil.
Summary
In summary, Container and LNG carriers account for the vast majority of vessels on order in South Korea both in terms of volume and market value. Greek owners have been very active in fleet renewal, currently accounting for c.19% of the South Korean orderbook. Thanks to the 29 LNG vessels on order NYK Line are the biggest spenders at South Korean yards but in terms of volume, they are overtaken by CMA CGM who have inked contracts for 38 Container ships. The majority of vessels on order are being fitted with dual fuel engines in a push to meet the latest targets set by the IMO.
Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels.
The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029.
They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean.
Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.
“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said.
“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”
In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.
Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service.
This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships.
Photo credit: Yang Ming Marine Transport Published: 4 September, 2026
Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.
Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.
While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.
The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.
The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.
Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.
“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”
Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.
“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”
DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024
LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.
Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.
This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.
LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.
The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.
LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).
Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.
“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains.
“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve.
“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”