Shipbuilding Orderbook Hits 17-Year High Driven by Tankers Reports BIMCO
The boom in shipbuilding orders is continuing, reaching a 17-year high, reports industry group BIMCO. While it sees a slowing in some sectors, it points to a recent surge in crude oil tanker orders coming after the container segment was already driven to new highs.
During the first quarter of 2026, newbuilding contracting has risen 40 percent year-over-year to 17.6 million Compensated Gross Tonnes (CGT). In total, it calculates the global shipping orderbook reached 191 million Compensated Gross Tonnes (CGT). BIMCO reports that this is equivalent to 17 percent of the global fleet, the highest ratio since 2011.
“So far during the 2020s, newbuilding contracting has been 47 percent higher than the average during the 2010s, driven by stronger market conditions in the larger sectors, an overall larger fleet, and an increased need for fleet renewal,” explains Filipe Gouveia, Shipping Analysis Manager at BIMCO. “This has contributed to an increase in newbuilding prices and longer lead times at shipyards, with 57 percent of contracting so far this year expected to be delivered after 2028.”
The most recent surge was driven, BIMCO reports, by a tripling of new tanker orders and a rebound in LNG tanker contracting. Overall, it calculates that tankers accounted for 32 percent of total contracting, the highest share since the second quarter of 2017. It breaks a long drought in the sector and coincides with the view that tankers have entered a strong new upcycle.
Some shipping sectors now have relatively large orderbooks BIMCO reports. The orderbook-to-fleet ratio, it points out, has risen to 22 percent for crude tankers, 19 percent for product tankers, 37 percent for containerships, and 40 percent for LNG carriers. For crude and product tankers, these newbuildings are expected to support fleet renewal, as 21 percent and 17 percent of the respective fleets are now over 20 years old, the age at which recycling is typically considered. By contrast, only 4 percent of the container fleet and 8 percent of the LNG fleet are over 25 years old, although these segments are expected to see higher demand growth.
Despite this significant yearly increase, BIMCO, however, also notes that newbuilding contracting has decreased 17 percent quarter over quarter, amid an easing in dry bulk orders. Bulker contracting spiked, it explains during the last quarter of 2025, largely due to increased orders for capesize vessels.
“In the medium term, the already swelling order books across several large shipping sectors could contribute to a slowdown in newbuilding contracting. Long lead times at shipyards and high newbuilding prices, combined with high market uncertainty concerning the Red Sea and the Strait of Hormuz sailings and alternative fuel availability, could also negatively affect contracting,” says Gouveia.
The data also highlights the ongoing concerns over geographic mix. Chinese shipyards remained the dominant choice for shipowners, says BIMCO, accounting for 70 percent of contracting in the first quarter of 2026. Korean yards captured just 20 percent, and that was mostly supported by stronger LNG tanker ordering. In contrast, contracting at Japanese yards fell 83 percent year-over-year to just 1 percent of new orders, the lowest share since at least 1996. BIMCO says this reflects limited capacity, long lead times, and reduced competitiveness.
that matters most
Get the latest maritime news delivered to your inbox daily.
The Japanese government has recently announced plans for a massive investment into its shipbuilding industry, while the major yards have been consolidating to improve their efficiency. South Korean yards are also moving aggressively on several fronts to stem their declines versus China, while the Trump administration and other geographies have heralded their own domestic plans to revitalize national shipbuilding.
Normal fleet renewal efforts and growing demand have also been supplemented by the growing need to address environmental issues. Despite the lack of clarity from the IMO and other regulators, companies have continued to invest in new technologies and ships able to adapt to the anticipated changes in fuels and efficiency in response to emerging regulations.
Content Original Link:
" target="_blank">
