The ship order market has shown a complex and volatile trend recently, with multiple global shipyards securing orders while facing various influencing factors.

Intercontinental Shipping Group Signs Contract for 1 Bulk Carrier

    On May 26, Intercontinental Shipping Group¡¯s indirect wholly-owned subsidiary Seacon Shipping signed a contract with Japanese shipyard (Nihon Shipyard, NSY) and GIANT LINE INC to order a 40,300 DWT double-hull bulk carrier at approximately $35 million (about RMB 252 million), scheduled for delivery in Q1 2028. NSY, a joint design company of Imabari Shipbuilding and Japan Marine United (JMU), handles merchant ship sales, while GIANT LINE INC is a wholly-owned subsidiary of Imabari Shipbuilding.

Source: International Shipping Network Mobile Edition

Yangzijiang Shipbuilding¡¯s Order Volume Drops Year-on-Year

    In its Q1 2025 business update, Chinese private shipyard Yangzijiang Shipbuilding reported securing 6 new orders worth $290 million (about RMB 2.089 billion) since the start of the year, including container ships and bulk carriers of different specifications. This represents a sharp decline from the same period last year, when it received 38 orders worth $3.32 billion in nearly five months. Two 4,488 TEU container ship orders are from Thailand¡¯s Regional Container Lines (RCL).

As of May 22, the group holds 230 orders worth $23.19 billion, with 74% of orders for clean energy vessels, and production scheduled through 2030. Chairman Ren Letian attributed the slowdown to U.S. trade policies and global tariff measures, but noted the backlog ensures revenue visibility through 2028.

Source: ShipSearch.net

HD Hyundai Heavy Industries Secures Major Container Ship Orders

    HD Hyundai Heavy Industries announced on May 30 a contract to build 2 container ships for an Oceania-based owner, worth 386.8 billion KRW (about $280 million/RMB 2.02 billion), to be constructed at HD Hyundai Samho Shipbuilding and delivered by June 2028. The owner is likely Capital Maritime, owned by Greek shipowner Evangelos Marinakis, following their order for 4 similar 8,400 TEU vessels in April.

HD Hyundai Samho has been active in Q2, securing orders for crude carriers, LNG carriers, and container ships. HD Hyundai Heavy Industries has achieved 38.7% of its 2025 order target of $18.05 billion, with 57 orders worth $6.98 billion.

Sources: Yonhap News, The Chosun Ilbo

CIMC Pacific Offshore Leads in LNG Bunkering Vessel Orders

    Nantong CIMC Pacific Offshore Engineering Co., Ltd. signed an order for a 20,000 m³ LNG transport bunkering vessel with a European owner, its fifth order for this type. The vessel, scheduled for delivery in April 2027, features advanced equipment to reduce pollution and GHG emissions. CIMC Pacific Offshore leads the global market with 12 orders for LNG bunkering vessels, accounting for 40% of the world¡¯s 30-unit backlog.

Source: International Shipping Network Mobile Edition

Fincantieri Dominates Cruise Ship Orders

    Italian shipbuilder Fincantieri has secured 12 cruise ship orders this year, including a 2+2 vessel agreement with Viking Cruises in April, valued at €5-10 billion (scheduled for 2031). It is also building the world¡¯s first hydrogen-powered cruise ship, Viking Libra, for delivery in 2026, and has orders from TUI AG¡¯s Marella Cruises and Carnival Group¡¯s AIDA Cruises, each worth over €2 billion.

Source: Industry news platforms

Industry Data: China Leads New Orders, Global Volume Plummets

    China¡¯s shipbuilding industry accounted for 49.9% of global completions, 67.6% of new orders, and 64.3% of backlogs in January-April 2025, according to the China Association of the National Shipbuilding Industry. However, global new orders dropped 55% year-on-year to 439 vessels in the first four months, the lowest in four years, with China (69 orders) and Greece (65) leading. China¡¯s bulk carrier orders hit a 32-year low of 13 in Q1 2025.

Sources: Industry association reports, Allied Shipbroking