Global economic uncertainty and a cooling shipping market have triggered a 26% year-on-year decline in newbuild orders for dry bulk vessels, according to Hongbeom Park, Head of Korea at Veson Nautical, a global maritime data and freight management solutions leader.
Speaking at Veson Nautical’s Seoul Forum, Park highlighted the factors driving the slowdown, including rising newbuild prices, a lack of clarity on future fuels, and the premium cost of dual-fuel vessels.
Newbuild Market Cools Amid Global Trade Tensions
“The market is slowing in the newbuild sector, and orders falling by over a quarter is a reflection of that,” Park stated. He warned that continued global trade uncertainties, including concerns over tariffs, could lead to further market softening in the coming months.
Second-Hand Vessel Values Slide from 2024 Highs
Park also addressed the second-hand market, noting that values have dropped across all major dry bulk segments in Q1 2025, compared to their peak in Q3 2024:
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Capesize: down 11%
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Panamax: down 12%
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Supramax & Handysize: both down 9%
AI to Revolutionize Maritime Workflows
Also speaking at the event, Eric Christofferson, Chief Product Officer at Veson Nautical, discussed the transformative potential of artificial intelligence (AI) in maritime operations. He emphasized that AI innovations are set to streamline pre- and post-fixture workflows, particularly in the claims process.
“The South Korean shipping industry has long been at the forefront of technological adoption,” Christofferson noted. “It is clear that Korea will continue to lead in integrating AI to enhance efficiency and drive industry progress.”
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Source: MARINE LINK
