Although global new ship orders have retreated from their peak, the shipbuilding industry in 2025 did not fall into a downturn. On the contrary, supported by a record-high order backlog over the past 16 years and the accelerated restart of global shipbuilding capacity, the industry as a whole maintained a relatively high level of activity. As the "absolute protagonist" in the global shipbuilding market, China's shipbuilding industry continues to lead the world in three key indicators, further consolidating its dominant position.
According to data from Clarksons, global new ship orders in 2025 totaled 2,036 vessels, representing 151 million deadweight tons (dwt) and 56.42 million compensated gross tons (CGT). In terms of dwt, this marked a 24% decline compared to the 199 million dwt in 2024 (the highest level since 2007). The total value of new ship orders was approximately $181.3 billion (about ¥12.6 trillion RMB), which, although lower than the $230 billion in 2024, remains the second-highest annual record since 2008 ($184.1 billion).
Clarksons’ recent 2025 Shipbuilding Industry Review noted that, in terms of vessel types, the dominant force in the newbuilding market last year remained container ships, accounting for 41% of all orders. Throughout 2025, new container ship orders reached 644 vessels with a capacity of 4.76 million TEU, surpassing the 2024 figure of 4.67 million TEU to set a new historical record. The total value of these orders amounted to approximately $59.4 billion (about ¥4.14455 trillion RMB). Among these, 73% of new container ship orders were placed by container shipping companies.
Despite uncertainty surrounding emission regulations, 65% of new container ship orders in terms of TEU were for alternative-fuel vessels last year. In contrast, other vessel types saw varying degrees of decline in new orders.
In the tanker segment, although the year ended strongly, annual new orders fell by 31% year-on-year, dropping from 61.1 million dwt in 2024 to 42.4 million dwt in 2025. Bulk carrier new orders also declined by 31%, from 62.7 million dwt to 43.5 million dwt. Orders for LPG carriers, LNG carriers, and car carriers also slowed. New orders for liquefied gas carriers fell sharply by 65%, from 26.2 million cubic meters in 2024 to just 9.1 million cubic meters in 2025.
However, the cruise ship newbuilding market saw a strong recovery last year, with 35 new orders totaling 4.28 million gross tons and a record-high value of $31.8 billion (about ¥2.2188 trillion RMB).
From the perspective of shipowner countries, Italian shipowners invested the most in newbuildings last year, with $31 billion—a 151% increase compared to $12.4 billion in 2024. Chinese shipowners ranked second, with investments of $28.1 billion, down 28% from $39 billion in 2024. Greek shipowners came in third, with investments of $20.9 billion, up 11% from $18.8 billion in 2024.
In terms of shipbuilding countries, Chinese shipyards secured 63% of global new ship orders last year. Although this represents a decline from the 71% market share in 2024, China still leads the world. Chinese shipyards received a total of 1,421 vessel orders equivalent to 35.37 million CGT, with a total order value of $91.1 billion (about ¥6.35637 trillion RMB). In terms of CGT, Chinese shipyards' order intake in 2025 decreased by 35% compared to the 54.24 million CGT in 2024.
South Korean shipyards ranked second, securing 21% of global new orders—247 vessels equivalent to 11.6 million CGT—with a total order value of $40.4 billion. In terms of CGT, this represents an 8% increase from 10.78 million CGT in 2024. Japanese shipyards received 165 orders equivalent to 2.77 million CGT, a 53% decline from 5.85 million CGT in 2024. Boosted by the recovery in cruise ship orders, European shipyards saw a 14% increase in order intake, rising from 3.8 million CGT in 2024 to 4.3 million CGT in 2025.
Clarksons noted that in the first half of last year, due to the impact of the USTR's Section 301 policy targeting China's shipbuilding industry, global new ship orders slowed overall, with the second quarter recording the lowest number of new ship orders for the year. Chinese shipyards' market share also experienced a decline during this period. However, in the second half of the year, driven by increased domestic orders, sustained competitive advantages, advance sales of later delivery slots, and the release of new production capacity, Chinese shipyards saw a noticeable rebound in order intake.
In terms of vessel types (based on principal dimensions), China further expanded its leading position in bulk carrier construction, capturing over 80% of orders for the first time. Chinese shipyards also demonstrated strength in both feeder and large container ships, securing 68% of global container ship orders for the year. Benefiting from strong national capabilities and flexible shipbuilding capacity, tanker orders saw a batch of contracts finalized toward the year-end, enabling China to surpass South Korea in global tanker order intake. Liquefied gas carrier orders experienced a timing shift, with orders flowing to South Korea, which offered earlier delivery slots, as major Chinese shipyards faced tight berth availability due to full order books.
As a vessel type characterized by high construction difficulty yet relatively small individual ship size, transferring liquefied gas carrier production capacity to small and medium-sized enterprises has proven challenging. Additionally, it should be noted that due to the impact of the U.S. Section 301 policy, some shipowners altered their stance, leading to certain orders shifting to overseas shipyards. However, amid the overall recovery in orders, the impact on China’s market scale remained limited.
As of now, global order backlogs total 6,577 vessels, representing 447 million deadweight tons (dwt) and 178 million compensated gross tons (CGT). In terms of CGT, this marks a 16-year high since November 2009 (181 million CGT). Among these, Chinese shipyards hold 4,285 vessels, 313 million dwt, and 111 million CGT, accounting for 62.17% in CGT terms and ranking first. South Korean shipyards hold 704 vessels, 77.27 million dwt, and 35.87 million CGT, accounting for 20.11%, ranking second. Japanese shipyards hold 666 vessels, 40.06 million dwt, and 12.85 million CGT, accounting for 7.21%, ranking third.
In 2025, global ship deliveries totaled 1,930 vessels and 43.48 million CGT, a 6% increase compared to 41.20 million CGT in 2024. Chinese shipyards delivered 1,135 vessels and 22.68 million CGT, up 3% year-on-year, representing a 51.81% market share in CGT terms and ranking first. South Korean shipyards delivered 234 vessels and 12.20 million CGT, up 6% year-on-year, with a 27.88% market share, ranking second. Japanese shipyards delivered 284 vessels and 5.17 million CGT, up 7% year-on-year, with an 11.81% market share.
Currently, newbuilding prices remain high, with the Clarksons Newbuilding Price Index experiencing only a slight 2% decline, while the order backlog coverage period has extended to 4.1 years. Clarksons forecasts that following record deliveries of car carriers and LNG carriers, LNG carrier deliveries will reach a new high in 2026, and LPG carrier deliveries will also achieve a historical peak.
Shipbuilding has now been incorporated into the development policies of most countries. In 2025, the pace of global shipbuilding capacity restart accelerated significantly. Clarksons' data shows that between 2021 and 2025, there were 191 shipyard capacity expansion and restart projects, primarily concentrated in China and mostly involving the resumption or expansion of existing shipyards. Current shipbuilding capacity has recovered by 27% from the low point in 2020.
Meanwhile, Japan and South Korea have successively introduced response measures. The Japanese government has released funding policies in hopes of reversing the trend of capacity contraction, while South Korean shipbuilders are actively integrating domestic and international resources through restructuring and cooperation. Emerging countries, though currently with a smaller capacity base, are ambitious. The speed and scale of capacity restart among Chinese shipyards are remarkable, though the involvement of small and emerging enterprises has also increased the associated risk exposure.
