Shipbuilding orders 'running ahead of all years since 2007'

Tanker activity has also been strong, the maritime services company confirmed, and with total vessel orders in the sector topping 500, it appears the tanker fleet renewal is gathering pace, despite the emergence of a multi-tiered fleet of older, often sanctions-dodging vessels in the so-called dark fleet and newer vessels trading in non-sanctioned energy cargoes.

"572 units of 45.4M dwt ordered, 95% above the ten-year average run-rate in dwt terms, including 106 crude tankers of 23.2M dwt and 273 product tankers of 17.2M dwt," Clarksons said.
In spending terms, Clarksons Research reported that newbuild spending has reached its highest level since the last shipbuilding boom era in the late years of the 2000s decade, with owners investing US$168.4Bn in Jan-Oct, already 85% above the ten-year average and on track to be the strongest annual investment since 2007 (US$264.3bn). 

"Spending is being supported by historically strong order volumes, elevated newbuild prices and increased spending on ’green’ technologies," Clarksons said. "Newbuild prices are historically firm; our Newbuilding Price Index now stands at 189 points, 43% higher than its 2010s average and, in nominal terms, just 1% below its 2008 peak amid strong contract activity, elevated forward cover and inflationary pressure at yards. However, gains in the index have slowed in recent months with prices fairly stable in some segments and easing marginally in others."
On the whole, Clarksons figures show that the global orderbook has risen across 2024 to stand at 5,404 ships of 346.2M dwt and 150.6m CGT, up 15% from 2023 figures in CGT terms. This would put shipyard output at its highest level since mid-2011, Clarksons said. 

"Though the orderbook as a share of the total fleet has edged higher as a result, to 14% in dwt terms (from 12% at start year), this remains a relatively moderate level overall, but there remains significant variation between sectors," the company said, noting that global deliveries are projected to rise in the coming years amid a larger orderbook and expanding shipyard capacity.

Clarksons’ forecasts for output see a continued swell in shipyard production in coming years, potentially building toward another peak, as yards expand capacity to meet demaind. Output is forecast to reach 41.0M CGT in full year 2024, before rising to 42.7M CGT in 2025 and increasing again in 2026 to 42.9M CGT, with the potential for some upside from further orders that may be placed, according to Clarksons.

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