According to statistics from shipbroker Xclusiv, global new ship orders declined significantly in the first half of this year.
In the first half of the year, new contracts for dry bulk carriers plummeted by 82%, with only 76 orders compared to 422 in the same period last year. However, Chinese shipyards secured 41 of these orders, accounting for 54%. For Chinese shipyards, bulk carrier orders in the first quarter of 2025 totaled 11, while the second quarter saw 30. New orders for oil tankers dropped sharply by 79% in the first half of the year, with 102 orders, of which Chinese shipyards won 49, capturing about 48% of the market share. Although the growth rate of container ship orders slowed compared to the previous year, they still reached 8.7 million compensated gross tons (CGT), equivalent to approximately 50% of global new ship orders. Chinese shipyards continued to dominate the container ship construction market, securing a total of about 134 orders (1.17 million TEU), with a market share exceeding 60%. According to Clarksons, the vast majority of current container ship orders are held by Chinese shipyards, accounting for nearly 75% by TEU (6.94 million TEU, 701 ships), while South Korean and Japanese shipyards accounted for only 21.1% and 4.7%, respectively.
Despite the overall market adjustment, Chinese shipyards still achieved outstanding results in their “midterm exam,” securing both large orders and breakthroughs.
On April 29, Chinese shipyards won 20 new ship orders in a single day. Shanghai Waigaoqiao Shipbuilding Co., Ltd. announced the signing of a contract with Seaspan for the construction of six 10,000-TEU-class container ships. Orient Overseas (International) Limited placed orders for a total of 14 methanol dual-fuel 18,500-TEU container ships at Nantong COSCO KHI Ship Engineering Co., Ltd. and Dalian COSCO KHI Ship Engineering Co., Ltd.
The $1.5 billion deal signed by COSCO Shipping Bulk Carrier Co., Ltd. and CITIC Financial Leasing Co., Ltd. with Fujian Shipbuilding Industry Group Co., Ltd. for the construction and financial leasing of 30 80,000-DWT multipurpose grain carriers was one of the largest orders this year. The contract for 10 methanol dual-fuel 325,000-DWT ore carriers signed by Shandong Marine Group Co., Ltd. and Qingdao Beihai Shipbuilding Co., Ltd. marked the third round of cooperation between the two parties following six previous orders for this ship type.
Huangpu Wenchong Shipbuilding Co., Ltd. (Huangpu Wenchong) secured orders for 32 ships across six types in the first half of the year, including a breakthrough order for a 20,000-cubic-meter LNG bunkering vessel from Singaporean shipping company Singfar, marking a significant achievement in the high-end gas carrier market. This vessel integrates the world’s most advanced LNG bunkering technology, fully complying with the latest standards of the International Maritime Organization (IMO) and the stringent requirements of the Maritime and Port Authority of Singapore (MPA) for system operability and redundancy. It is expected to become a benchmark in the green shipping market. Designed independently by the Shanghai Merchant Ship Design and Research Institute (SDARI), the vessel features an innovative propulsion and maneuvering system, adopting a full-electric azimuth propulsion system combined with two bow thrusters, greatly enhancing port berthing and ship-to-ship bunkering flexibility. The latest intelligent monitoring and automated management system supports remote operations, improving bunkering efficiency and vessel safety. Each cargo tank is equipped with two variable-frequency deep-well pumps to optimize LNG bunkering rates and operational reliability.
Source/Shanghai Merchant Ship Design and Research Institute (SDARI)
Not long ago, Greek shipping company Latsco Shipping also awarded its first newbuilding order to a Chinese shipyard, Huangpu Wenchong, for 2+2 “Honghu” 1,900-TEU feeder container ships. This contract reflects high recognition of Huangpu Wenchong’s design and construction capabilities, solidifying its leading position in the small and medium-sized container ship sector and marking the return of this classic ship type to the Greek market after many years.
The contract for a 20,000-cubic-meter LNG bunkering vessel signed by Shanghai International Port (Group) Co., Ltd. (SIPG) and Jiangnan Shipyard (Group) Co., Ltd. (Jiangnan Shipyard) signifies a new phase in the green transformation of the Shanghai International Shipping Center. The vessel features multiple environmentally friendly and intelligent configurations, using LNG boil-off gas as fuel and equipped with a variable-frequency energy-saving system. It includes two azimuth thrusters and one high-power bow thruster, enabling autonomous berthing, turning in place, and lateral movement during port bunkering operations. The vessel is equipped with the latest smart ship system, covering crew safety management, equipment health management, intelligent cargo management, and shore-based remote collaboration, meeting the latest “Technical Guidelines for Ship Intelligent Monitoring Systems 1.0” issued by the China Maritime Safety Administration.
Source/Jiangnan Shipyard
