It was a fruitful year for shipbuilders in 2024, with ship orders at a record high since 2007 and nominal prices near record levels.
The latest data from Clarkson Research shows that the year-to-date new ship order book stands at 62.6 million compensated gross tonnage (CGT) with a total value of $190.2 billion, surpassing 2013 and reaching the highest level since 2007 (94 million CGT).
In its latest weekly report, Clarkson noted, “Firming shipping markets across multiple segments, positive fleet renewals, and competition for shipyard slots prompted by lengthening delivery times have all contributed to the strong growth in order intake throughout the year.”
According to Clarkson Research, the year-to-date order book (in dwt) is equivalent to 7% of the total fleet at the beginning of the year, and is more than 50% higher than the average annual order book since the financial crisis.
Despite a record order book for liquefied petroleum gas (LPG) carriers and strong performances by LNG carriers and tankers, it is the container ships that are the “main event” this year. Shipbroker MB Shipbroking data show that there are still two weeks left in 2024, the current order book for container ships has reached about 4.4 million standard containers (TEU), breaking the 2021 record of 4.3 million TEU.
As demand for newbuildings continues to be strong across the shipping market, another brokerage firm, SSY, said in its latest monthly report that it expects newbuilding prices to be largely unaffected by short-term fluctuations in individual segments. Shipyards now have sufficient capacity to cope with any cyclical weakness for several years without the need for significant price reductions.