The global shipbuilding industry experienced a remarkable surge in 2024, achieving its largest order intake in 17 years. With contracts totaling 66 million compensated gross tonnage (CGT) and $204 billion in value, the sector demonstrated robust growth across various segments, particularly in container ships, gas carriers, and tankers.
Key Takeaways
- Record Orders: 2024 marked the highest order intake in 17 years, with significant contributions from container, gas, and tanker segments.
- China’s Dominance: China secured two-thirds of the total orders, reinforcing its position as the leading shipbuilding nation.
- Diverse Demand: The demand for new builds was strong across multiple sectors, driven by a supportive freight market and green fleet renewal commitments.
Overview of Shipbuilding Growth
According to Clarksons Research, the shipbuilding market saw a diverse range of orders, with container ships accounting for 4.4 million TEU, gas carriers for 25.9 million cubic meters, and tankers for 53.9 million deadweight tons (dwt). The overall order book has now increased to 364.5 million dwt, indicating a healthy pipeline for the industry.
The year 2024 was characterized by a significant uptick in newbuild demand, particularly from liner companies, which committed over $38 billion in orders. Notably, nine of the top 20 liner companies placed orders for vessels exceeding 12,000 TEU.
Regional Performance
- China: Continued to lead the global shipbuilding market, with a 53% market share by CGT and an 18% year-on-year increase in output.
- South Korea: Also saw a substantial increase in output, up 22% with a 28% market share.
- Japan and Europe: Experienced slight declines in output, with Japan down 3% and Europe down 4%.
Innovations and Future Trends
The shipbuilding industry is increasingly focusing on alternative fuels, with half of the orders in 2025 involving LNG dual fuel technology. Innovations in Energy Saving Technologies (ESTs) are becoming standard in many new designs, reflecting the industry’s commitment to sustainability.
As the industry prepares for the introduction of stricter emissions regulations under the FuelEU Maritime initiative, shipyards are expected to remain active, although a slight slowdown in activity is anticipated in 2025 due to the high volume of orders in 2024.
Conclusion
The 2024 Global Shipbuilding Review highlights a transformative year for the industry, marked by record order intakes and a strong focus on sustainability. As shipyards adapt to changing market demands and regulatory landscapes, the future of shipbuilding looks promising, with continued growth and innovation on the horizon.
Sources
- 2024 Global Shipbuilding Review: Largest Order Intake For 17 years | Hellenic Shipping News Worldwide, Hellenic Shipping News.
- CSSC shipyards show robust growth in 2024 – Chinadaily.com.cn, CHINADAILY EPAPER.
