After experiencing an exceptionally strong surge in orders in 2024, global new ship orders significantly slowed in the first half of 2025. The U.S. Section 301 investigation and related restrictions targeting China’s shipbuilding industry have severely disrupted the global shipbuilding market. As a result, although Chinese shipbuilders still lead in global order intake, their market share has sharply declined compared to last year, while their South Korean competitors have rapidly gained ground, significantly narrowing China’s lead.
Clarksons recently released global shipbuilding statistics for the first half of 2025, showing a total of 647 new ship orders signed, amounting to 46.8 million deadweight tons (DWT) and 19.4 million compensated gross tons (CGT). Measured in CGT, this represents a 48% year-on-year decline but only a 7% drop compared to the 10-year average. The slowdown in new orders stems from three main factors: first, the record-high new ship orders in 2024—the highest in 15 years—left shipyards with ample backlogs, currently maintaining a high coverage ratio of 3.5 years; second, rising economic and geopolitical uncertainties, including fluctuations in U.S. trade policies and the impact of proposals by the Office of the U.S. Trade Representative (USTR); and third, weak performance in certain shipping segments.
In the first half of this year, new orders for major ship types declined significantly. Measured by tonnage, bulk carrier, tanker, and liquefied gas carrier orders fell by 49%, 30%, and 56%, respectively, compared to the 10-year average. However, container ships remained a bright spot, with 201 new orders totaling 1.9 million TEU. While this is below the record 4.6 million TEU in 2024, it still exceeds the 10-year average by 92%.
Additionally, cruise ship orders rebounded, with 13 new orders totaling approximately 51,000 berths in the first half—a significant recovery from the pandemic years (2020–2023), when annual orders averaged only about 3,000 berths.
Clarksons noted that Chinese shipbuilders maintained their global lead in the first half of 2025, securing 370 orders totaling 26.3 million DWT and 10.03 million CGT, accounting for 51% of global orders by CGT. However, this marks a notable decline from last year’s 70% share. According to Clarksons, Chinese shipbuilders set a record in 2024 with 2,066 orders totaling 145 million DWT and 52.09 million CGT.
In late February, the USTR released a Section 301 draft targeting China’s shipping, logistics, and shipbuilding sectors, significantly impacting the global newbuilding market. In March, Chinese shipbuilders temporarily fell behind South Korea in monthly order intake, capturing only 35% of the market share, while South Korean shipbuilders secured 55% of global orders that month.
Subsequently, the USTR announced a revised port fee plan in April, reducing charges for non-Chinese-owned vessels built in China or newbuilds, prompting overseas owners to return to Chinese shipyards. By April, Chinese shipbuilders regained the top spot, securing 69% of global new orders.
While China’s market share declined in the first half, South Korean shipbuilders increased theirs from 15% last year to 25%, with 113 orders totaling 14.15 million DWT and 4.87 million CGT. Meanwhile, buoyed by cruise ship orders, European shipbuilders secured 43 orders totaling 255,500 DWT and 2.23 million CGT, raising their market share from 5% to 12%.
In the first half of 2025, Clarksons’ Newbuilding Price Index remained high, dipping only 1.1% year-to-date to 187 points by the end of June.
Despite the slowdown in new orders, total investment remained substantial, with first-half orders worth approximately $67.5 billion (RMB 484.333 billion)—a 40% drop from 2024 but still 32% above the 10-year average. This resilience is attributed to high ship prices, demand for high-value vessel types, and the widespread adoption of eco-friendly technologies.
Clarksons noted that the shipping industry’s fuel transition remains strong, with 221 new orders (20.6 million GT) for alternative-fuel vessels in the first half, accounting for 56% by gross tonnage. This trend is particularly pronounced in container ships, where 73% of new orders were dual-fuel vessels, reflecting liner companies’ push for “green fleet” renewal.
As of early July, global order backlogs remained high at 6,007 vessels totaling 387.8 million DWT and 163 million CGT, representing about 16% of the existing fleet (compared to 55% in 2008). Chinese shipbuilders held 3,732 orders totaling 261 million DWT and 96.61 million CGT, maintaining a 59% CGT-based market share and leading in all major vessel segments except liquefied gas carriers.
Global new ship deliveries remained stable, with 889 vessels (46.4 million DWT and 20.4 million CGT) delivered in the first half, roughly on par with the same period last year. Clarksons projects full-year 2025 deliveries to reach 44.7 million CGT, up from 41.1 million CGT in 2024, driven by expanded delivery schedules and China’s growing shipbuilding capacity. Strong tanker orders from 2023–2024 are expected to boost tanker deliveries this year, while bulk carriers, LNG carriers, and container ships will continue steady deliveries.
