Shipowners face the challenge of selecting shipyards to build a new ship, as shipyards are highly similar in terms of capacity and capability but highly heterogeneous with a variety of incentives to shipowners. Building a new ship takes at months and is very expensive, and selecting a prospective shipyard demands the shipowners to have a wealth of experience and knowledge. We develop an improved fuzzy AHP (IFAHP) based game-theoretic model to analyze two competitive shipyards. This model allows us to conduct pairwise comparisons on the risks of selecting competitive shipyards. A case study in which two shipyards offering prospective services to the shipowners is conducted with several rounds of expert consultations. This study contributes to the literature by providing both the players and beneficiaries of a game with considerable insights into shipbuilding. We discuss some practical implications for both the shipowners and shipyards.