Global shipyards receive record number of orders in 2024
In its latest year-end shipbuilding market report, Clarksons Research said that global shipyards received the largest number of orders in 17 years in 2024. In total, companies signed contracts for the construction of ships with a tonnage of 66 million CGT and a value of $204 billion. Of these, container ships - 4.4 million TEU, gas carriers for 25.9 million cubic meters and tankers for 53.9 million DWT. China again took the leading position, accounting for two-thirds of the orders. Moreover, China is the only country from the leading three that has significantly expanded its production capacity.
Demand for fleet construction in 2024 was quite strong, which was facilitated by a favorable freight market and the "green transition".
Thus, 9 out of 20 leading container liner operators placed orders for vessels with a capacity of over 12,000 TEU (a total of 72% of the ordered TEU were from liner operators), and in total, container companies invested about $38 billion in new orders.
There was also a good flow of orders for gas carriers - growth for the year amounted to 34%. In total, companies placed orders for the construction of 77 large LNG tankers and 78 VLGC/VLAC/VLEC gas carriers. The number of orders for tankers also increased by 41% in deadweight.
The number of orders for large cruise ships at European shipyards increased (10 orders). There was steady growth in the bulk carrier sectors and some other segments - 69 car carriers, 19 C/SOV, 6 FPSO.
The total order book increased to 364.5 million DWT and 15% of the active fleet (for comparison, in 2008 the figures were 628.8 million DWT and 52% of the active fleet), but the market is still biased towards liners and gas carriers (container ships 27% of the fleet, LNG 50%, car carriers PCTC 38%). The share of bulk carriers at 11% and tankers at 14% remains low (only 5 VLCCs have been delivered this year).
Half of the tonnage orders in 2025 were for alternative fuels, with LNG dominating.
Global shipyard output increased by 13% in 2024, with China increasing its output by 18%, taking 53% of the market by tonnage. South Korea increased its production by 22%, taking up 28%, while Japan’s production fell by 3% and now accounts for 12%, while Europe’s share was only 4%.
In terms of orders, China took over two-thirds of all tonnage contracts and took the leading positions in the market in all major sectors except LNG carriers. Having bottomed out in 2020, global shipyard production has been growing overall, thanks to higher utilisation. And this production trend is set to continue with capacity expansion in China.
There are also a number of expansion plans in India and Saudi Arabia.
The Clarksons Fleet Building Price Index rose 6% in a year, reaching 2008 levels (though still down 30% adjusted for inflation).
