China has taken the lead overtaking other countries with an impressive newbuilding orderbook, which currently includes massive orders across the container, tanker and LNG sectors.
Shipping Telegraph takes a closer look at China’s enormous orderbook based on VesselsValue data. The VesselsValue report highlights the Chinese orderbook by top Chinese companies and gives an insight into the ships currently being built at Chinese yards.
Of the top Chinese companies ordering vessels last year, China Merchants Shipping ranks first, with contracts agreed for 28 new vessels, worth an impressive $4.4bn, according to senior content analyst Rebecca Galanopoulos.
This investment is mainly in the tanker and LNG sectors, which each accounted for a share of c.33%, but also included new orders for bulkers and vehicle carriers.
In accordance with the report, in second place with a spend of $3.06bn is COSCO Shipping Lines with 18 new panamax container vessel orders ranging from 13,400- 14,000 TEU.
Ranking third is COSCO Shipping Development, who ordered 20 bulkers last year, ranging from the ultramax to the kamsarmax sub sectors and valued at $929mil.
COSCO Shipping Bulk ranks fourth, spending $822mil on 10 new vessels including 8x newcastlemax and 2x ore carriers, scheduled to be delivered between 2026-2028.
In fifth place is China Shipbuilding Trading who placed 22 new orders last year, valued at $778mil with their en bloc order of 22 panamax newbuildings of 80,000-dwt, scheduled to be built at Chengxi Shipbuilding and delivered between 2027-2028.
“Seacon Shipping Group also deserves an honourable mention, ranking second in terms of vessels numbers with 26 new orders placed, which mainly consists of Tanker newbuilding projects, valued at USD 738 mil,” senior content analyst Rebecca Galanopoulos added.
Tankers were the most popular vessel type ordered at Chinese yards in 2024 with 526 new vessels ordered, valued at $27.4bn. In second place was the bulker sector with 430 new vessels ordered, worth $17.7bn.
Ranking third in terms of the number of vessels is the container sector, with 298 new orders placed.
“However, the value of these orders far exceeds any other sector, worth USD 46 bn; this comes as values for this sector saw significant gains over the past year, across all sub sectors and size ranges,” noted Galanopoulos.
