Global shipbuilding trends 2019 - 2023
Which shipyards built the most vessels? Which owners ordered the most tonnage? Which engine dominated the orderbook? MagicPort analyzed 5,696 cargo and passenger vessels over 1,000 GT built across a five-year period - covering top shipbuilding nations, leading yards by gross tonnage, vessel type breakdowns, engine trends, and owner rankings.
vessels in service with IMO numbers analyzed
cargo & passenger vessels covered in this report
total gross tonnage of vessels built 2019 - 2023
of GT built by just 3 countries: China, South Korea & Japan
Five years of global new-build production, decoded
Between 2019 and 2023, the global shipbuilding industry delivered an enormous new-build programme - 10,303 vessels across all types and sizes. This report focuses on the segment where scale matters most: 5,696 cargo and passenger vessels over 1,000 gross tonnes, drawn from MagicPort's maritime intelligence platform.
The analysis cuts across four key dimensions: which countries and shipyards led production, how vessel types shifted across the cycle, what engine choices reveal about decarbonization intent, and who the major vessel owners of the new-build cohort are.
China, South Korea, and Japan accounted for 283,270,050 GT across just the top-10 producing nations between 2019 and 2023 - reflecting a concentration of shipbuilding expertise, capital, and labor that has persisted across multiple market cycles.
Key findings
What the data shows
The five-year period captured in this report covers a full market cycle - from pre-pandemic orderbook strength through the COVID-19 disruption and subsequent recovery surge. Four findings stand out.
Hyundai Heavy Industries delivered 678 vessels totalling 49.7M GT - the largest output of any single shipyard in the 2019 - 2023 period.
Bulk carriers were the most numerous vessel type by count, though tankers led by gross tonnage at 102.7M GT - fractionally ahead of bulk carriers.
By 2023, 73% of new vessels used ME-Series electronic engines - up from 63% in 2019 - reflecting the industry's accelerating shift toward fuel-efficiency technologies.
Dual fuel engines peaked at 10% of new vessels in 2022 before settling at 7% in 2023 - adoption is growing but remains a minority choice.
Shipyard rankings
Top 10 shipbuilders by vessel count, 2019 - 2023
By vessel count, HHI's lead over the next competitor is substantial - 145 more vessels than China State Shipbuilding Corporation, itself delivering 525 ships across the period.
| # | Shipyard | Country | Vessels |
|---|---|---|---|
| 1 | Hyundai Heavy Industries (HHI) | South Korea | 678 |
| 2 | China State Shipbuilding Corporation | China | 525 |
| 3 | Imabari Shipbuilding | Japan | 305 |
| 4 | COSCO Shipping Heavy Industry | China | 304 |
| 5 | Yangzijiang Shipbuilding Group | China | 288 |
| 6 | Tsuneishi Shipbuilding | Japan | 213 |
| 7 | Oshima Shipbuilding | Japan | 185 |
| 8 | Samsung Heavy Industries | South Korea | 168 |
| 9 | Shin Kurushima Dockyard | Japan | 156 |
| 10 | Daewoo Shipbuilding & Marine Engineering | South Korea | 152 |
Vessel type breakdown
Which vessel types were built - and in what volume
Bulk carriers and tankers together accounted for 3,838 of the 5,696 vessels analyzed - over two-thirds of all new construction by count. Container ships were a distant third. Passenger ships, cargo, and offshore vessels collectively make up the remaining volume.
Engine selection
How engine choices are shifting
Main engine data across 5,136 of the vessels covered reveals a clear trajectory: the MAN B&W ME-Series electronic engine is consolidating its dominance, accounting for 64% of all vessels over the period and rising to 73% in 2023 alone. Dual fuel engines - those capable of operating on liquefied natural gas or other alternative fuels - are growing but remain a minority, averaging 6.54% of new vessels across the period.
| Engine Type | 2019 | 2020 | 2021 | 2022 | 2023 | Avg. |
|---|---|---|---|---|---|---|
| ME Series | 63% | 63% | 60% | 64% | 73% | 64% |
| Dual Fuel | 4% | 4% | 9% | 10% | 7% | 7% |
| Other | 33% | 32% | 32% | 26% | 20% | 29% |
Vessels built between 2019 and 2023 will still be operating in 2034 - 2038, by which point IMO's emissions reduction milestones will be significantly more stringent. Owners who ordered dual-fuel-capable newbuilds have positioned their fleets ahead of that inflection point.
What the full report covers
A 38-page report in six sections
The 38-page report includes detailed rankings, country-level breakdowns, and vessel-type-specific analysis across six categories. Each section covers top shipbuilders by GT and count, plus owner rankings.
Global overview
Top 10 shipbuilding nations by GT and by count. Top 25 shipyards by both metrics. Annual production trends by vessel type across 2019 - 2023.
Engine trends
ME Series vs. dual fuel vs. other engine adoption rates by year. Top 25 engine designers and top 25 specific engine designations by vessel count.
Container ships
Top 10 shipbuilding nations and yards for container vessels. Owner rankings by GT and count, including MSC, Evergreen, and CMA CGM.
Tankers
South Korea's dominance in tanker construction. Top shipbuilding yards for tankers, led by HHI with 491 tankers delivered. Owner analysis including Maran Tankers and Nippon Yusen.
Bulk carriers, offshore & cargo
Country and yard rankings for bulk carriers. Offshore vessel construction data. Miscellaneous cargo vessel analysis including ro-ro and general cargo.
Passenger ships & top owners
European yards dominate passenger ship production. Global top-25 vessel owner rankings by both gross tonnage and vessel count.
Built for maritime professionals working with new-build data
This report is written for ship operators, charterers, brokers, financiers, and shipyard analysts who need structured, current data on the global new-build market. It assumes maritime literacy and goes straight to the rankings, breakdowns, and owner-level detail - no primer sections.
Questions About the Report
Questions About the Report
Which country built the most vessels by gross tonnage between 2019 and 2023?
China led all shipbuilding nations by total gross tonnage in the 2019 - 2023 period, producing 111,356,724 GT of cargo and passenger vessels over 1,000 GT. South Korea ranked second at 96,888,589 GT, followed by Japan at 60,412,941 GT. Together these three countries accounted for 94% of all new vessel capacity and 87% of vessel count in the period. Data source: MagicPort Shipbuilding Trends 2019 - 2023 report, based on 5,696 vessels.
Which shipyard built the most vessels between 2019 and 2023?
Hyundai Heavy Industries (HHI) of South Korea was the world's most prolific shipyard by both vessel count and gross tonnage between 2019 and 2023. HHI delivered 678 vessels totalling 49,726,289 GT - making it the largest shipbuilder globally across the five-year period. China State Shipbuilding Corporation ranked second by gross tonnage at 33,394,063 GT across 525 vessels. Data source: MagicPort Shipbuilding Trends 2019 - 2023 report.
What were the most common vessel types built between 2019 and 2023?
By count, bulk carriers were the most commonly built vessel type between 2019 and 2023, with 1,957 vessels delivered. Tankers ranked second at 1,881 vessels, followed by container ships at 865 vessels. By gross tonnage, tankers led at 102,668,205 GT, marginally ahead of bulk carriers at 100,569,968 GT. Container ships contributed 60,436,917 GT. Together these three categories accounted for approximately 93% of total gross tonnage produced. Data source: MagicPort Shipbuilding Trends 2019 - 2023, covering 5,696 cargo and passenger vessels over 1,000 GT.
What is the trend in dual fuel engine adoption in new vessel construction?
Dual fuel engine adoption in new vessel construction increased from 4% of new vessels in 2019 to a peak of 10% in 2022, before settling at 7% in 2023, giving an average of 6.54% across the 2019 - 2023 period. The MAN B&W ME Series remained the dominant engine choice, used in 64% of all new vessels. The shift toward ME-Series electronic engines and the gradual uptake of dual fuel technology reflect the maritime industry's response to IMO emissions regulations and growing owner interest in emission reduction. Data source: MagicPort Shipbuilding Trends 2019 - 2023.
Which engine manufacturer was most commonly used in new vessels built between 2019 and 2023?
MAN B&W was by far the most common main engine designer in vessels built between 2019 and 2023, powering 3,682 of the 5,136 vessels where engine data was available - a 71.7% share. Wärtsilä was a distant second with 674 engines. The most common individual engine designation was the MAN B&W 6S60ME-C8, fitted in 268 vessels across the period. Data source: MagicPort Shipbuilding Trends 2019 - 2023.
Who were the largest vessel owners of newly built ships between 2019 and 2023?
By total gross tonnage of new vessels delivered between 2019 and 2023, MSC (Switzerland) was the largest owner with 9,736,290 GT, followed by COSCO (China) at 6,746,356 GT and HMM (South Korea) at 6,505,345 GT. By vessel count, COSCO led with 83 new vessels, followed by Nissen Kaiun (Japan) with 81 and Shoei Kisen (Japan) with 77. Data source: MagicPort Shipbuilding Trends 2019 - 2023.
How was the global tanker construction market split between 2019 and 2023?
South Korea dominated global tanker construction between 2019 and 2023, producing 65,398,920 GT of tankers - approximately 64% of the top-10 total. Hyundai Heavy Industries alone built 491 tankers, more than three times the next highest yard. China ranked second in tanker output at 23,302,538 GT and 572 vessels, while Japan contributed 12,491,286 GT across 349 tankers. The largest tanker owner by new-build GT was Maran Tankers Management of Greece at 3,076,956 GT. Data source: MagicPort Shipbuilding Trends 2019 - 2023.
What share of new container ships was built by Hyundai Heavy Industries between 2019 and 2023?
Hyundai Heavy Industries (HHI) delivered 139 container ships totalling 11,209,372 GT between 2019 and 2023, making it the single largest shipbuilder for container vessels by both count and gross tonnage across the period. The top container ship owner by new-build gross tonnage was MSC at 8,275,229 GT, driven by its aggressive fleet expansion strategy. Data source: MagicPort Shipbuilding Trends 2019 - 2023.
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