China dominates global shipbuilding market as order book grows

The global shipyard order book has reached an estimated 203.2 million compensated gross tonnage (CGT), a 13% increase from the previous year. This growth brings the industry close to its all-time high, surpassing the 2008 record.

China has significantly strengthened its position as the world leader in shipbuilding, securing 74% of all CGT contracted over the past year. Chinese shipyards currently hold 64% of the total global order book, while South Korea holds 19% and Japan holds 6%. This dominance is consistent across all major cargo sectors, including tankers, gas carriers, and dry bulk, where China maintains over a 72% share in each category. Notably, Chinese yards hold an 81% share of the global containership order book.

The massive backlog presents operational challenges. Based on peak annual output levels from 2021–2025, Chinese shipyards have orders equivalent to approximately 4.2 years of capacity. In comparison, South Korean and Japanese yards have roughly 1.9 and 1.7 years of capacity, respectively. The surge in demand is partly driven by the need for fleet renewal and the reorganization of commercial routes due to geopolitical tensions.