Chinese shipbuilding booms as vessel orders top $123bn

Data analysed by Veson Nautical shows strong demand for tankers, bulkers and container ships is driving Chinese shipbuilding to its highest levels since 2009.

“The surge in orders, particularly for tankers and LNG carriers, reflects both high earnings expectations and supply chain disruptions,” said Rebecca Galanopoulos, senior content analyst at Veson Nautical.

“With shipbuilding prices at their highest since 2009, owners are looking to capitalise on strong market sentiment.”

Leading the charge

The data shows that the Chinese shipbuilding giants are leading the charge, with China Merchants Shipping securing 28 newbuilds worth $4.4 billion in 2024, primarily in the tanker and LNG sectors.

COSCO Shipping Lines follows behind closely, investing $3.06 billion in 18 New Panamax container ships. COSCO Shipping Development and COSCO Shipping Bulk have also placed significant orders for bulk carriers, while China Shipbuilding Trading has committed to 22 new Panamax vessels.

The tanker sector led the orderbook in 2024, with 526 new vessels worth $27.4 billion, driven by high steel costs and limited yard availability.

Bulkers followed with 430 orders, valued at $17.7 billion, while the container sector, despite fewer orders (298), accounted for the highest total value at $46 billion.

With demand soaring and prices rising, Chinese shipbuilding remains a powerhouse in global trade, setting the pace for the maritime industry’s next decade.

As geopolitical tensions and supply chain disruptions continue, now further exacerbated by US President Trump’s plans for new trade tariffs, China could be well placed to grow its shipbuilding market even further.