The global shipbuilding industry is experiencing another major expansion, with the worldwide vessel orderbook reaching 203.2 million CGT, surpassing levels seen during the previous shipbuilding boom in 2008.
According to BIMCO, the global orderbook stood at 203.2 million compensated gross tonnes as of 1 September 2026, up 13% year on year from around 180 million CGT.
The figure remains slightly below the recent record of approximately 210.4 million CGT, reached in May 2026.
China remains the clear leader of the current shipbuilding cycle.
Over the past 12 months, Chinese shipyards secured around 74% of all new orders measured in CGT.
As a result, China’s share of the total global orderbook has increased to approximately 64%.
By comparison, South Korea accounts for around 19% of the global orderbook, while Japan holds roughly 6%.
This means nearly two-thirds of all tonnage currently under construction or awaiting construction is now concentrated at Chinese yards.
One of the biggest drivers of the current expansion is the containership sector.
BIMCO estimates that containerships account for around 30% of the entire global orderbook by tonnage.
They also contributed approximately 68% of the increase in the global orderbook over the past 12 months.
Major liner operators continue to place multi-billion-dollar orders for new vessels, including Megamax containerships with capacities above 20,000 TEU.
Strong ordering activity is also continuing in the tanker, bulk carrier and gas carrier segments.
One of the fastest-growing Chinese shipbuilders is Hengli Heavy Industries, which has quickly developed from a relatively new market participant into one of the world’s major shipbuilding groups.
According to Veson Nautical, Hengli’s orderbook has reached approximately 495 vessels, including tankers, bulk carriers and containerships, with an estimated total value of around $46 billion.
The yard is attracting orders from both Chinese and major international shipowners.
However, the rapid growth in orders is also putting significant pressure on shipyard capacity in China.
BIMCO estimates that China’s current orderbook represents approximately 4.2 years of production at recent peak construction rates.
By comparison, the equivalent figure is around 1.9 years in South Korea and 1.7 years in Japan.
The year 2028 could become particularly demanding for Chinese shipbuilders.
According to current delivery schedules, Chinese yards are expected to deliver around 44 million CGT of new vessels during that year.
That would be almost twice the approximately 22.7 million CGT delivered by Chinese shipyards in 2025.
Meeting such a delivery schedule would require further expansion of production capacity, additional workers and higher construction efficiency.
BIMCO has also highlighted a longer-term risk.
If yards significantly increase capacity to handle today’s massive backlog and new ordering later slows, some facilities could eventually face overcapacity.
The current boom is already encouraging previously closed yards to return to the market while new shipbuilders are entering the industry.
High freight earnings and limited availability of construction slots are also pushing shipowners toward yards that may have less experience with certain vessel types.
This trend is particularly visible in the tanker sector, where owners are increasingly turning to newer Chinese shipbuilders because leading yards are already heavily booked.
Demand is also being supported by the need to renew the global merchant fleet, tighter environmental regulations and shipping companies’ transition toward LNG, methanol, ammonia and other alternative fuels.
A global orderbook of 203.2 million CGT shows that shipbuilding activity has returned to levels not seen since the boom of the 2000s, while China is becoming the dominant centre for construction of the next generation of the world’s merchant fleet.
