Chinese vessel orderbook tops $123 billion

- Veson Nautical report shows containers making around 38% of total vessel orders 

To mark the Lunar new year, we take a look at the Chinese newbuilding orderbook, using VesselsValue data. The infographic highlights the Chinese orderbook by top Chinese ordering companies and 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 USD 4.4 bn. 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 second place with a spend of USD 3.06 bn 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 USD 929 mil.  

COSCO Shipping Bulk ranks fourth, spending USD 822 mil 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 USD 778 mil 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. 

Newbuilding prices are at the highest levels since 2009 due to high steel prices, lack of yard availability and demand. The supply and demand imbalance caused by the red sea crisis boosted sentiment and expectations for high earnings. This triggered owners to place orders across the Container, Tanker and LNG sectors. 

Tankers were the most popular vessel type ordered at Chinese yards in 2024 with 526 new vessels ordered, valued at USD 27.4 bn. Throughout 2024, Tanker newbuilding prices were at the highest levels since 2009 due to high steel prices, lack of yard availability, and demand. The supply and demand imbalance caused by the Red Sea crisis boosted sentiment and expectations for high earnings. This triggered owners to place orders across the key sectors i.e. Tankers, Bulkers, and Containers.  

In second place was the Bulker sector with 430 new vessels ordered, worth USD 17.7 bn. 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.  

However, Container newbuildings rose the least, making them appealing investments despite the time lag. For example, values for Post Panamax newbuildings of  7,000 TEU rose by c.14.45% from USD 101.99 mil to USD 116.73 mil. In contrast 20 YO Post Panamaxes rose by as much as c.114.99% year-on-year from 20.62 mil to USD 44.33 mil. 

■ Contact: Veson Nautical www.Veson.com