BRS Shipbrokers has published its Annual Review of Shipping and Shipbuilding Markets for 2025, presenting key data in various activities of the industry, including shipbuilding.
As informed, in 2024, BRS Shipbrokers observed dramatic growth in newbuilding orders from already elevated levels, rising from 128.4 million Dwt to 193.1 million Dwt. However, deliveries, which reflect the prevailing shipbuilding output, only slightly increased from 2023.
Container carriers see largest rise in new orders
Container carriers saw the largest rise in new orders, more than doubling to 49.8 million Dwt from 20.6 million Dwt in 2023. The major container lines continued their large vessel ordering spree, and many yards, which had focused on other segments due to the contraction in container orders in 2023, shifted their attention back to containerships.
The tanker segment also grew substantially, rising from 37.7 million Dwt in 2023 to 63 million Dwt in 2024. Demand was particularly strong for large crude oil tankers. Meanwhile, the bulk segment rose by 14%, reaching 59.1 million Dwt—a record high for the decade.
Bulker orderbook and fleet distribution
By the end of 2024, the bulker orderbook, totaling 124.7 million Dwt, represented 12.2% of the active bulker fleet, which stood at 1,026 million Dwt, remaining the largest fleet on the water. The distribution was balanced across major dry bulk fleet segments, from Handysize to Newcastlemax. Overall, deliveries in 2024 totaled 33.4 million Dwt, falling below the 10-year average of 39.2 million Dwt.
The bulker orderbook remains largely controlled by two countries: China, holding around three-quarters, and Japan with most of the remaining quarter. Despite its position as the world’s second-largest shipbuilder, South Korea retains a negligible role in bulker production.
Tanker orderbook sees significant increase
The proportion of tankers on order compared to the existing fleet saw a significant increase, more than doubling from 7.4% in 2023 to 15% in 2024. The tanker orderbook is more diversified across vessel types than the dry bulk segment, with MR1s and VLCCs least in demand. The Aframax/LR2 segment remains prominent, accounting for the largest orderbook and construction activity.
Tanker deliveries in 2024 were down nearly 50% compared to 2023, totaling just 8.3 million Dwt, reflecting the low number of newbuilding orders placed in 2022 (about 10.1 million Dwt).
China and South Korea continue to dominate the tanker building market, with China rapidly gaining market share. For example, in 2023, China held 62.6% of the orderbook compared to 32.4% in 2022. In 2024, its share rose to 71.2%, at the expense of South Korea, whose share fell from 54.6% in 2021 to 17.9% in 2023, and further to 15.7% in 2024. Japan experienced a small dip in market share, from 11% in 2023 to 7.2% in 2024.
Container carrier orders continue to rise
Container carrier orders rose from 20.6 million Dwt in 2023 to 49.8 million Dwt in 2024. Deliveries began to increase, keeping the ratio of orderbook versus active fleet stable at a high 26.5%. The most popular segment in 2024 was the 13,300-17,999 TEU, with 128 ships contracted. The 18,000-24,232 TEU segment was also active, with 62 new units contracted, driven by the big liner companies’ appetite to increase their market share.
This trend further strengthened China’s market share of container newbuildings, rising from 57.3% in 2023 to 71% in 2024, while Korea’s share decreased by 11.5%. China has now become the world’s largest container carrier building nation, a status it is unlikely to relinquish.
Specialised vessels
For the third consecutive year, newbuilding activity for specialised tonnage remained strong, with around 20 million Dwt ordered. This was broadly on par with 2022 and 2023, when 18.6 million Dwt and 15.3 million Dwt were ordered, respectively. By comparison, the 2012-21 annual average was 7.5 million Dwt.
Significant growth in LNG and LPG carrier orders
Notably, LNG carrier orders saw a significant increase, rising from 77 in 2023 to 108 in 2024. Similarly, LPG carrier orders grew from 122 in 2023 to 155 in 2024.
Car carrier orders drop but remain high
Car carrier orders dropped to 59 ships from a record 96 in 2023. However, this still marked the fifth-highest order figure ever (behind 2007’s 128 orders, 96 in 2023, 83 in 2022, and 74 in 2004) due to continued demand from Asian automobile manufacturers, who are capturing an increasing share of the European automotive market.
Cruise ship orders surge post-Covid
Cruise ship orders more than doubled to 37 in 2024, underscoring the spectacular rebound of an industry that almost slipped into a coma during Covid, unlike the rest of the global shipping industry, which remained operational during the pandemic despite its challenges.
Strong demand for stainless steel chemical tankers
Demand for stainless steel chemical tankers mirrored the trend in the oil tanker sector. As a result, the number of newbuilding orders jumped from 60 in 2023 to 119 in 2024.
