- Shipbuilding orders rose dramatically from 128.4 million DWT in 2023 to 193.1 million DWT in 2024, with container carriers and tankers leading the growth.
- China expanded its shipbuilding market share, particularly in container, tanker, and LNG carrier segments, while South Korea and Japan saw declines.
- Tankers, bulk carriers, LNG/LPG vessels, and cruise ships saw increased orders, while car carrier orders declined slightly but remained historically high.
BRS Shipbrokers’ Annual Review of Shipping and Shipbuilding Markets for 2025 highlights a significant increase in newbuilding orders, reaching 193.1 million DWT in 2024 from 128.4 million DWT in 2023. Despite this, shipbuilding deliveries saw only a slight rise, reflecting ongoing capacity constraints and order backlogs in major shipyards.
Boom in Container Carrier Orders
The container shipping segment experienced the largest growth, with new orders more than doubling from 20.6 million DWT in 2023 to 49.8 million DWT in 2024. Major container lines resumed large-scale vessel orders, prompting shipyards to shift their focus back to this sector. The most popular vessel sizes were in the 13,300-17,999 TEU and 18,000-24,232 TEU categories. China’s dominance in container shipbuilding continued to expand, reaching a 71% market share in 2024.
Tanker Segment Sees Significant Expansion
The tanker market experienced notable growth, with new orders rising from 37.7 million DWT in 2023 to 63 million DWT in 2024. Large crude oil tankers were in particularly high demand, while Aframax/LR2 vessels saw the most active order placements. However, deliveries in 2024 declined by nearly 50% compared to 2023, largely due to fewer orders being placed in 2022. China’s market share in tanker construction continued to grow, while South Korea’s share declined significantly.
Dry Bulk Orderbook and Fleet Distribution
By the end of 2024, the bulker orderbook totaled 124.7 million DWT, accounting for 12.2% of the global bulker fleet, which stood at 1,026 million DWT. The distribution remained balanced across different bulker sizes, from Handysize to Newcastlemax. China and Japan retained control over bulk carrier production, with China holding the majority share.
Growth in LNG and LPG Carrier Orders
The LNG and LPG carrier markets witnessed a sharp rise in new orders, reflecting the increasing demand for liquefied gas transportation. LNG carrier orders rose from 77 in 2023 to 108 in 2024, while LPG carrier orders increased from 122 to 155 within the same period.
Fluctuations in Specialized Vessel Orders
Specialized vessel newbuilding activity remained strong for the third consecutive year, with orders reaching approximately 20 million DWT. This figure aligns with trends from 2022 and 2023, demonstrating sustained demand across various specialized segments.
Resurgence in Cruise Ship Orders
Cruise ship orders more than doubled in 2024, signaling a strong post-pandemic recovery for the industry. The resurgence reflects renewed consumer confidence and increased investments in luxury travel, contrasting with the near-collapse experienced during the COVID-19 pandemic.
Continued Strength in Chemical Tanker Market
The chemical tanker sector mirrored trends seen in the oil tanker market, with orders for stainless steel chemical tankers nearly doubling from 60 in 2023 to 119 in 2024. This growth highlights the sustained demand for specialized tankers in global trade.
Decline in Car Carrier Orders, But Demand Remains High
While car carrier orders declined from 96 in 2023 to 59 in 2024, they remained at historically high levels. Continued demand from Asian automobile manufacturers, particularly those increasing their presence in the European market, sustained a strong order flow in this segment.
BRS Shipbrokers’ review underscores the dynamic shifts in global shipbuilding and shipping markets, highlighting continued growth in key sectors while also reflecting structural challenges and regional market dominance.
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Source: Safety4sea
