China Secures 62.42% Of All New Ship Orders Globally, Per Latest Data

China has once again become the world’s top shipbuilding nation by securing 62.42% of all new ship orders globally.

According to data from Greek shipbroking firm Intermodal, China received orders for 3,454 out of the 5,735 vessels in the current global order book, totaling 175.4 million gross tons.

South Korea holds the second position with 21.39% of global orders, accounting for 687 ships, while Japan follows in third place with an 8.83% share, securing 651 vessel orders.

Together, these three Asian nations dominate over 90% of global shipbuilding, largely due to increasing demand for clean fuel-powered ships.

Per reports, the world’s dual-fuel fleet has grown to 2,119 vessels, driven by stricter environmental regulations and better financial support for sustainable shipping.

The US shipbuilding sector accounts for a small fraction of the market, totaling around 245,000 gross tons. These mainly include tugboats and passenger or cruise ships.

However, analysts suggest that the US has strong potential for expansion due to its financial strength, advanced military shipbuilding expertise, strategic international partnerships, and government support for reviving the industry.

Intermodal senior analyst Nikos Tagoulis commented that while China, South Korea, and Japan remain dominant, emerging players such as the US, India and Vietnam, are working to strengthen their market presence and challenge the current global shipbuilding hierarchy.

The US Trade Representative (USTR) recently described China’s dominance in the maritime and shipbuilding sectors as “unreasonable” and “burdensome” for US commerce. Ambassador Katherine Tai said that while China builds more than 1,700 ships per year, the US constructs fewer than five.

In response, the US is considering imposing new fees on Chinese-built ships entering American ports. A recent proposal from the USTR suggests a charge of up to $1.5 million per Chinese-built vessel to counter China’s growing influence in global shipping.

Last week, US President Donald Trump unveiled a major plan to restore the nation’s shipbuilding industry. Speaking to Congress, he announced the creation of a new Office of Shipbuilding within the White House and proposed special tax incentives for US shipyards to bring manufacturing “back to where it belongs.”

The US government has drafted an executive order, some of the key measures in the order are:

• Maritime Security Trust Fund to provide financial support for shipbuilding projects
• Six-month expansion plan to increase US shipbuilding capacity and workforce development
• Trade restrictions on China to limit the import of Chinese-built vessels
• Tax incentives to encourage domestic ship production
• Higher wages for shipyard workers to attract skilled labour
• Investment in maritime infrastructure to modernise US shipyards

China has strongly opposed the proposed US tariffs on Chinese-built vessels. In a press conference on March 7, 2025, China’s foreign ministry stated that such measures would disrupt global supply chains without necessarily reviving US shipbuilding.

Beijing warned that trade restrictions could harm international industrial cooperation and affect the maritime economy worldwide.

Among European nations, Italy has seen a 67% year-on-year increase in its shipbuilding order book for 2025, mainly due to rising cruise ship orders at Fincantieri shipyards.

Vietnam has ranked fifth in the global shipbuilding market. In 2024, Vietnamese shipyards increased output by 40% in terms of gross tonnage compared to 2023, and 61% since 2022.

The country’s current order book of 2.82 million gross tons reflects a 29% year-on-year growth and a 148% rise since 2022.

Reference: breakwaveadvisors

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