Shipbuilding equipment export consultations held at BEXCO in Busan

78 domestic firms, 40-plus buyers from 14 countries take part

Over 500 consultations totaling $330 million

LNG, carbon capture and smart vessel technologies draw attention

A scene from the 2026 Shipbuilding and Marine Plant Equipment Export Consultation, held at BEXCO in Busan from Oct. 14 to 16. More than 500 export consultations took place during the three-day event. [KOTRA]
A scene from the 2026 Shipbuilding and Marine Plant Equipment Export Consultation, held at BEXCO in Busan from Oct. 14 to 16. More than 500 export consultations took place during the three-day event. [KOTRA]

South Korean shipbuilding equipment companies conducted $330 million worth of export consultations with overseas shipowners and shipyards in Busan, as the industry works to secure direct international clients beyond its traditional reliance on domestic shipyards amid rising global vessel orders.

Korea Trade-Investment Promotion Agency (KOTRA) announced Monday that it co-hosted the 2026 Shipbuilding and Marine Plant Equipment Export Consultation with the Busan city government at BEXCO from Oct. 14 to 16.

The event was held in conjunction with Offshore Korea 2026, a specialized domestic exhibition for the shipbuilding and offshore plant industry. A total of 78 shipbuilding equipment firms from Busan, Ulsan and South Gyeongsang Province participated alongside more than 40 overseas buyers from 14 countries, including Singapore, Spain and Turkey.

Domestic companies held more than 500 one-on-one consultations with foreign buyers, with the total consultation value tallied at $330 million. Whether actual export contracts are signed — and for how much — will be determined through further negotiations.

The global shipbuilding market has been affected by route changes and longer sailing distances stemming from the war in the Middle East. According to KOTRA, global vessel orders in the first nine months of this year rose 57 percent from the same period last year.

South Korean ship exports have also been strong. Cumulative exports from January through August reached $21.5 billion, up 11 percent year on year, while September alone recorded $3.8 billion, a 30 percent increase from the same month last year.

However, that broader export growth has not automatically translated into direct overseas sales for domestic equipment makers. A significant number of regional suppliers rely on indirect exports by delivering products to domestic shipyards, making it a persistent challenge to secure direct relationships with overseas shipowners and shipyards as end buyers.

KOTRA separately invited Southeast Asian shipowners and shipyards to this year's event, in addition to the European shipowners it has traditionally engaged. The move aimed to diversify export destinations toward the ASEAN market, where demand for aging vessel replacements and maritime logistics is growing.

Overseas buyers showed strong interest in alternative-fuel propulsion systems, including LNG, as well as equipment related to carbon capture and storage. Smart vessel technologies — including AI-driven ship automation and maritime safety solutions — were also among the most actively discussed topics.

The International Maritime Organization's ongoing discussions on introducing international regulations to reduce greenhouse gas emissions from ships add another variable to the eco-friendly equipment market. The IMO held a related working-level meeting in September and is expected to continue deliberations on a carbon neutrality framework at its year-end session.

An official from JJ&Companies, a ship process control and automation solutions firm that participated in the event, said overseas customers showed high demand for process automation and intelligent safety solutions. "We will make the most of the opportunities identified here and prepare to compete directly in the global market," the official said.

KOTRA organized the event in cooperation with the Busan Shipbuilding and Marine Equipment Industry Cooperative and Korea Maritime and Ocean University. Three regional support offices covering Busan, Ulsan and South Gyeongsang Province also took part, helping local firms with their buyer consultations.

Kim Kwan-muk, KOTRA executive vice president and head of the economic and trade cooperation division, said the agency would apply to the shipbuilding equipment sector the same growth model that allowed South Korea's auto parts industry to move beyond supplying domestic carmakers and build direct ties with global automakers. "Busan, Ulsan and South Gyeongsang Province are the heart of the shipbuilding industry, home to the country's major shipbuilders and equipment firms," Kim said. "We will actively support efforts to ensure that the expansion of high-value vessel orders leads to direct supply relationships with overseas shipyards and drives growth in the regional economy."


kwater@heraldcorp.com