Shipbuilding kicks off 2025 with over US$900M in new contracts

According to shipbroker Clarksons, 2024 was a landmark year for global shipbuilding, with 66M gt and US$204Bn in contracts signed – the highest order intake in 17 years. This momentum appears to be carrying into 2025.

S&P broker at Weberseas, Yiannis Lardis told Riviera that between 1 January and 17 January, shipowners placed firm orders for 16 vessels, with options increasing the total to 23. The estimated investment value, including these options, amounts to approximately US$905M. The orders comprise seven tankers (with four options), five container vessels (with three options) and four bulk carriers.

Chinese shipbuilders’ dominance of the newbuilding market continues into 2025, further solidifying their leading position. Despite capacity constraints stemming from the past few years’ orderbook surge, some Chinese yards are still able to offer delivery slots within 2027. Interestingly, many of the reported contracts involve tier-two shipyards, which may explain their ability to accommodate additional projects.

Out of the reported contracts, only two will feature alternative-fuel technology, while the remaining orders involve conventionally powered ships.

Breaking down the deals

According to data from Weberseas, here are the key deals reported so far in 2025:

Bulk carriers: a Chinese leasing company has ordered two Ultramax bulk carriers at Jiangsu Soho Chuangke Shipbuilding, at a total cost of US$70M. Both vessels are slated for delivery in 2027.

Moreover, another low-profile Chinese shipping company has signed a US$75M contract for two Kamsarmax bulk carriers at Chengxi Shipyard. These vessels are expected to be delivered in the second half of 2028.

Tankers: a Greek owner has been linked to a deal for three LR1 tankers at New Times Shipbuilding, valued at approximately US$165M. Deliveries are scheduled through 2028.

Chemical tankers have emerged as a popular choice in the early days of 2025. Chinese owners have signed contracts for four vessels – two firm orders and two optional – at Wuchang Shipbuilding, while UK-based interests have placed a similar order at China Merchants Jinling Shipyard (Yangzhou) Dingheng. Wuchang will deliver 25,900-dwt vessels featuring methanol dual-fuel propulsion by 2027, while CMJ will supply smaller (6,000-dwt) LNG dual-fuel capable tankers by 2026.

Container vessels: a Hong Kong-based owner has reportedly ordered three 4,800-TEU container vessels with an option for one more at Wuhu Shipyard. The deal, priced at US$200M, includes deliveries in Q3 2027.

Additionally, a German shipping company has signed a contract for two conventionally powered 1,900-TEU container vessels with an option for two more at Huangpu Wenchong. Each vessel is priced at approximately US$32M, with deliveries expected in early 2027.