The owner of the largest fleet of liquefied natural gas carriers in the world, Mitsui O.S.K. Lines stated that purchasing Chinese ships is currently challenging due to increased US monitoring of the Asian nation's shipbuilding sector.
Mitsui O.S.K. reportedly intended to move fresh orders from China to South Korea. However, the proposals are still in the planning stages.
Under President Donald Trump, Washington has launched a slew of initiatives to rein in China's maritime hegemony and boost its own faltering shipbuilding sector.
Shipowners are reconsidering where they want their boats to be built in the future as a result of the actions, which have rocked the global shipping business.
Shipbuilders in South Korea have recognized an opportunity. Major shipbuilders Hanwha Ocean Co. and HD Hyundai Co. made offers last week to assist the US in regaining its maritime dominance and increasing its shipbuilding capacity.
According to data from Clarksons Research, South Korean builders account for 18 percent of ships under construction globally in terms of deadweight tonnage, compared to 11 percent for Japanese builders.
97 LNG boats are owned by Mitsui O.S.K., according to a 2024 corporate presentation.
With 873 ships, it also keeps the second-largest merchant fleet in the world.
Two-thirds of the world's orderbook is made up of Chinese shipyards.
The US Department of Defense placed the state-run China State Shipbuilding Corp. on a blacklist in January, which deters US companies from doing business with it but does not carry any particular sanctions.
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Yangzijiang Shipbuilding and New Times Shipbuilding, both privately held, are other Chinese shipbuilders.