Recent data shows that global maritime trade is still thriving, despite speculation that it may have reached its peak. Shipbuilding companies are reporting strong production schedules, with most Chinese shipyards fully booked through 2026. China’s shipbuilding output has grown significantly over the years, now accounting for over 50% of the global market share. While China dominates in new orders, South Korea leads in certain high-value segments like LNG carriers.
The increase in new shipbuilding orders may indicate a belief that trade may face challenges in the future due to geopolitical tensions. These tensions could lead to longer shipping routes, requiring more vessels to transport goods. Challenges facing Chinese shipbuilders include steel prices and exchange rates, which are impacted by economic performance.
Despite the rise in nearshoring between Mexico and the U.S., long-distance maritime trade remains vibrant. Regional shipping networks are expanding alongside international routes. Projections suggest that the shipbuilding market will experience significant growth by 2030, driven by increasing seaborne trade and the need for environmentally friendly ships.
Asia is expected to remain dominant in shipbuilding, with a focus on building more environmentally friendly vessels. Regulatory changes, expansion of trading lanes, and fleet replacement are also contributing to market growth. The average age of the containership fleet is increasing, but it is expected to decline as more older ships are retired and newbuilds are delivered.
