In the coming years, new forces in shipbuilding are expected to emerge, as indicated by insights from Mr. Nikos Tagoulis, Senior Analyst at Intermodal. The dynamics of Indian shipbuilding and the efforts of countries with smaller market shares suggest a shift in the industry. Currently, the global orderbook comprises 5,735 vessels totaling 281.18 million gross tons (GT), reflecting a 22% year-on-year growth, driven by the post-COVID recovery of the global economy.
Container ships and LNG carriers dominate the orders, with significant contributions from bulk carriers and tankers. Notably, China, Japan, and South Korea represent over 90% of these orders, with China alone accounting for 62%. Italy demonstrates a distinct rise in the European market, with a 67% increase in its 2025 orderbook, largely due to cruise ship contracts stemming from Fincantieri shipyards.
Similarly, Vietnam has emerged as a notable contender in the shipbuilding sector, ranking fifth globally. Vietnamese shipyards have increased output by 40% compared to 2023, marking a staggering 61% increase since 2022. This growth can be attributed to several factors, including a strategic location, competitive labor costs, and government support through favorable policies and investments.
While the U.S. shipbuilding orderbook remains modest, with only 52 units primarily composed of tugboats and cruise vessels, there exists significant growth potential. The U.S. benefits from strong investment capabilities, military expertise, and a commitment to advancing its shipbuilding industry. As the shipbuilding market evolves, attention will increasingly focus on the activities of emerging players, such as the U.S., Vietnam, and India, as they challenge the dominance of traditional leaders like China, South Korea, and Japan.