Japanese Shipbuilders' 2025 Order Volume Declines 20% Year-on-Year, Marking Fourth Consecutive Year of Downturn
Recently, the Japan Ship Exporters' Association (JSEA) released the full-year order data for Japanese shipbuilders in 2025. Last year, Japanese shipbuilders secured orders for a total of 186 vessels, amounting to 8,936,514 gross tons (GT), representing a decrease of 19.9% compared to 2024's 251 vessels (11,160,206 GT). The number of vessels ordered fell by 65.
By vessel type, the new ship orders received by Japanese shipbuilders last year included 147 bulk carriers totaling 6,510,390 GT, a reduction of 49 vessels year-on-year. Among these, Handysize bulk carriers increased by 2 vessels to 59, making them the only segment to achieve growth. Ore carriers remained steady at 2 vessels, unchanged from 2024. Capesize bulk carriers decreased by 3 vessels to 25, showing a relatively minor decline. In contrast, Supramax bulk carriers fell by 16 vessels to 53, Panamax bulk carriers dropped by 20 vessels to 5, and Post-Panamax bulk carriers decreased by 11 vessels to 3. While there was one cement carrier order in 2024, no such orders were recorded in 2025.
Last year, Japanese shipbuilders received a total of 25 cargo vessel orders (1,492,474 GT), an increase of 1 vessel year-on-year. Among these, container ships rose by 9 vessels to 18, and car carriers increased by 1 vessel to 2, while general cargo vessels decreased by 9 vessels to 5.
Tanker orders amounted to 13 vessels (933,170 GT), a reduction of 18 vessels year-on-year. Among these, VLCCs increased by 2 vessels to 4, and Aframax tankers rose by 1 vessel to 2. However, LPG carriers decreased by 5 vessels to 1, LPG/liquid ammonia carriers fell by 4 vessels to 2, and chemical tankers dropped by 7 vessels to 4. Orders for Suezmax tankers (3 vessels in 2024), small tankers (1 vessel in 2024), and asphalt carriers (1 vessel in 2024) were all zero.
Other vessel types saw only one order—a fisheries research vessel of 480 GT.
In December last year, Japanese shipbuilders secured monthly orders for a total of 27 vessels (1,454,700 GT), a significant increase of 59.3% compared to the same period in 2024 (9 vessels, 506,640 GT). By vessel type, the 27 new ship orders received in December included 6 container ships (211,800 GT) and 21 bulk carriers (5 Handysize, 7 Supramax, 1 Panamax, 1 Capesize, and 2 ore carriers) totaling 1,242,900 GT.
For the first three quarters of fiscal year 2025 (April–December 2025), Japanese shipbuilders' order volume totaled 147 vessels (6,780,314 GT), a year-on-year decline of 20.7%. This included 20 cargo vessels (1,220,794 GT), 116 bulk carriers (4,966,350 GT), and 11 tankers (593,170 GT).
Japanese media pointed out that despite strong demand for shipbuilding, domestic shipyards in Japan have limited construction capacity. Delivery slots are fully booked until around 2029, preventing them from accepting more orders and leading to the loss of some potential contracts. Currently, the market share of Japanese shipbuilders has fallen to around 10%.
At the end of last year, the Japanese government announced a revitalization plan for the shipbuilding industry, aiming to increase annual construction output to 18 million GT by 2035—nearly double the current level. Industry representatives stated, "To achieve the government's goal of doubling construction output, order volumes must increase. While growth may not be rapid, an upward trend in future orders is undeniable."
As of the end of December last year, Japanese shipbuilders' order backlog stood at 622 vessels (30.01 million GT), showing a slight increase from 28.98 million GT at the end of November. Currently, Japanese shipbuilders maintain a high order backlog, equivalent to approximately 3.8 years of construction workload.
