Shipping companies have continued a stampede to shipyards, splashing $135.4bn on new ships so far this year, according to Clarksons Research.
The UK company recorded 1,454 ships of 106.4m dwt contracted to the end of August, up 27% from 2023.
“There has been a healthy flow of newbuild ordering in 2024 so far,” Clarksons Research said.
“Appetite remains firm amidst strong markets and efforts by some owners to progress green fleet renewal programmes and secure yard slots, amid extended lead times in some sectors,” it added.
But demand is still being held back to some extent by elevated prices, shipyard capacity constraints and uncertainty around long-term fuelling technology choices, the company argued.
The $135.4bn total is more than double the 10-year trend.
This year is shaping up to be “one of the firmest years on record,” Clarksons Research added.
Prices have continued to rise, with Clarksons charting a 6% jump since January.
The broker’s newbuilding price index is now only 1% below its peak in the third quarter of 2008.
There has been a very strong flow of container ship orders in recent months, bringing the year-to-date total to 189 ships of 2.2m teu, well over the 2023 total.
Strong crude tanker ordering
Crude tanker contracting has been strong, with 102 ships of 22.9m dwt added, more than double the five-year run-rate.
Meanwhile, product tanker ordering has also been robust with 254 ships of 16.2m dwt contracted, up by 27% year-on-year and on track for the highest year of ordering since 2006 in dwt terms.
Newbuild appetite for LPG carriers has also been very firm, with 7.6m cbm ordered so far, already close to last year’s record total.
A good level of appetite has been seen for LNG carriers — 69 ships of 13m cbm — with the run-rate up 33% on the five-year trend.
The total orderbook has expanded 15% since January, reaching 5,197 ships of 329.6m dwt.
Yard output in 2024 is forecast to reach 90.1m dwt.
