According to Clarksons Research, newbuilding orders during the first five months of 2025 have plunged by 48% compared to the same period in 2024—a year that was, ironically, the strongest since 2008. The global total fell to 15.9 million CGT (or 35.3 million DWT), across 515 vessels—a dramatic drop from 980 ships ordered during the same period last year.
One might say the shipbuilding boom has not just eased, but collapsed into what feels like a collective industry pause. The sharp contraction is all the more striking when one recalls the intensity of activity only a year earlier.
Segment breakdown: Bulk down, containers resilient
The contraction is not isolated but rather sector-wide:
- Bulk carriers: down 71% in DWT terms from the ten-year average
- Tankers: down 35%
- LNG carriers: down 84%, with only four orders
- Car carriers: down 92%
However, containerships defy the trend with 169 new orders, only 11% below 2024 levels, and more than double the ten-year average—testament to their continuing strategic role in global logistics.
Special focus: Greek owners accelerate ordering activity
Despite the global retreat in newbuilding demand, Greek shipowners appear to be ramping up investment.
According to a report by Antonis Tsimplakis in the Greek financial daily Naftemporiki (July 2, 2025), Greek companies have placed new orders worth more than $2.2 billion in the last ten days alone. The focus is heavily on tankers, LNG carriers, and feeder containerships—while bulk carriers are noticeably absent from the list.
Some notable orders include:
- Two 1,800 TEU containerships by Chios Navigation at China Merchants Jinling, with options for two more (total deal over $120 million)
- Two feeder ships from Latsco Shipping (1,800 TEUs) at Huangpu Wenchong for $62 million
- Two suezmax tankers from Evalend Shipping at HD Hyundai Samho ($89 million each)
- Capital Maritime (Evangelos Marinakis) exercising an option for a third VLCC at Hanwha Ocean, and placing additional orders for LNG carriers totaling $1 billion
- New potential VLCC orders by Tsakos Energy Navigation and Alberta Shipmanagement
Analysts cited in Naftemporiki note that the uptick comes amid a recovery in tanker freight rates, geopolitical stabilization in the Middle East, and historically low orderbook levels, all of which may encourage countercyclical investment strategies.
A global shift in shipyard fortunes
While ordering falls overall, the geographic dynamics are shifting:
- China now commands a 49% share of global CGT, securing 7.86 million CGT in new orders
- South Korea, long dominant, holds 24% (3.81 million CGT), down 35% year-on-year
Korean shipyards continue to prioritize high-value, technologically advanced vessels, but new order inflows have been slower in early 2025.
Trade tensions and regulatory fog shape investment climate
Beyond normal cycles, this downturn has clear structural drivers. A haze of geopolitical instability, tariff conflicts, and regulatory uncertainty is discouraging long-term commitments.
Under the Trump administration, U.S.–China trade tensions have already escalated into a renewed trade war, casting a long shadow over shipowners’ investment appetite. Targeted sanctions against Chinese-linked shipyards and rising port duties are actively reshaping the landscape for newbuilding decisions.
The green dilemma: Fueling future ships
A key reason behind shipowners’ caution is the evolving fuel landscape. Decarbonization is no longer optional—but what to invest in remains murky.
According to Clarksons Research:
- 58% of total tonnage ordered between Jan–May 2025 is designed for alternative fuels
- LNG leads with 40% of GT
- Methanol follows with 14%, across 38 ships
- There were also: 25 ammonia, 72 LPG, and 12 hydrogen-powered ship orders
Interestingly, 820 alternative-fuel-capable ships were ordered globally by the end of 2024—a new record, totaling 62.2 million GT.
One-fifth of those are labeled “fuel ready,” meaning pre-equipped for future retrofits: extra tanks, piping systems, and bunker infrastructure included.
Container segment leads the green shift
Containerships are leading the transition to low-carbon propulsion, with 19.8 million GT of alternative-fuel orders placed in early 2025—up 78% year-on-year.
Still, fuel fragmentation is visible: LNG’s dominance grew to 70% of AF-ready ships (vs. 43% in 2023), while methanol lost share, dropping from 30% to 14%.
Even industry leaders like Maersk, previously bullish on methanol, are now favoring dual-fuel (LNG/methanol) strategies—indicating limited supply of green methanol in global bunkering networks.
Higher costs, fewer ships
Shipowners aren’t ordering less because it’s cheaper—quite the opposite. According to Clarksons, newbuilding prices remain 29% above the historical average, even after a slight 1% drop since January.
Total orderbook value in the first five months of 2025 reached $55.2 billion, 41% lower than last year but still 30% above the ten-year average. This paradox reflects a shift toward fewer but more expensive, technologically advanced ships.
Still building, just slower
Despite the dramatic slowdown, the global shipbuilding pipeline remains substantial. As of mid-2025, 5,948 vessels representing 382.4 million DWT are under construction worldwide—a significant increase from the lows of 2020.
Korean yards remain busy with deliveries stretching into 2027. Yet major groups like HD Korea Shipbuilding & Offshore Engineering and Samsung Heavy Industries had only reached 38.7% and 27% respectively of their annual targets by June.
A new shipbuilding landscape
Industry observers suggest the current shift isn’t just a cooldown—but a recalibration. With ordering activity shrinking, complexity rising, and climate regulations accelerating, the shipbuilding industry is evolving into something slower, greener, and more cautious.
Clarksons estimates that by 2030, over 20% of global tonnage will be alternative-fuel capable—up from just 2% in 2017 and 8% in 2024.
In this new landscape, price stability, technological flexibility, and fuel optionality may matter more than volume. The noise of hammers may be fading, but behind quieter docks, the industry is rethinking what the next fleet of global trade vessels should truly be.