Global Shipbuilding — 2024 Results and 2025 Trends

Based on the year’s results, the global order book amounted to 5 404 ships with a total deadweight of 346,2 million DWT (150,6 million CGT), which is 15 % higher than the CGT figures reported in 2023, according to Clarksons Research. Furthermore, forecasts suggest that this order portfolio could enable global shipyards to achieve their highest fleet delivery rates since mid-2011.

According to Clarksons‘ projections, there will be an increase in production at shipyards in the coming years as fleets are renewed. The shipbuilding companies themselves are also preparing for higher demand by expanding their capacities.

Overall Situation

In terms of new ship deliveries, the total for 2024 is expected to reach 41 million CGT. This figure is projected to rise to 42,7 million CGT in 2025, and further increase to 42,9 million CGT in 2026, with the potential for additional growth due to late orders that may be placed.

Analyzing investments in shipbuilding, analysts noted that shipowners’ investments in fleet renewal have reached the highest levels since the shipbuilding boom of 2007-2008. From January to October 2024, owners invested $168,4 billion, which is 85 % higher than the average of the past ten years. Additionally, 2024 is forecasted to be the largest year in terms of investment volume since 2007, with investments expected to reach $264,3 billion.

After a decade of stable dynamics in the global fleet size, the number of ships has started to grow in recent years. According to forecasts, the global fleet volume will gain even more momentum in 2025.

Currently, the main categories of commercial ships—bulk carriers, tankers, container ships, and gas carriers—make up more than 90 % of the global commercial fleet by tonnage. The overall growth has largely depended on the construction and scrapping rates in these particular segments.

The pace of fleet expansion in 2024 varies from minimal levels for tankers to nearly 20 % for container ships. Growth in the bulk carrier and gas carrier segments was around 4 % each. In the Ro-Ro segment, although significantly smaller in terms of the number of ships compared to other categories, an 8 % increase was recorded.

According to data from Clarksons Research, the growth in the deadweight tonnage (DWT) of the global fleet from 2019 to 2023 averaged 3,4 % per year. After reaching 4,1 % in 2019, the growth rates varied between 3 % and 3,4 % by 2023.

At the end of 2018, the total deadweight tonnage of the global fleet was 1 990 million DWT, or 100 500 vessels. By the end of 2023, this figure had grown by 28 % to 2 348 million DWT, with the number of vessels remaining at 100 500. As of the end of the previous year, cargo ships accounted for 96 % of the total deadweight tonnage (62 500 units).

Throughout 2023, the annual fleet growth rate of 3,4 % was the result of several factors. The container ship fleet increased by 7,7 %, while the gas carrier fleet (both LNG and LPG) grew by 6,5 %. Growth in the bulk carrier and tanker segments was lower, at 3,1 % and 1,9 %, respectively.

By the end of 2024, the global fleet is expected to grow by 3,8 %. The tanker segment will increase by 1 %, while bulk carriers may reach a steady 3 %. In contrast, the fleet of gas carriers and container ships will grow significantly, by 7 % and 10 % respectively.

Estimates for 2025 suggest that the growth in the deadweight tonnage of the global commercial fleet “may slow down, with performance varying even more across different segments.” Forecasts for fleet scrapping are even more approximate, as they are highly subject to “market changes.”

Overall, the growth in the number of vessels in 2025 is projected to range from 2 % to 9 %. The tanker segment is expected to see a growth of around 2 %, with an additional 3 % for bulk carriers. The container ship fleet is projected to halve its growth to approximately 5 %, while the gas carrier fleet is expected to increase to around 9 %.

Looking at the more distant future, specifically 2026 and beyond, the global order book indicates that the delivery of new bulk carriers, tankers and gas carriers will be higher than the volumes seen in 2025, while the supply of new container ships may decrease. These volumes could be accompanied by an increase in scrapping activity.

The industry will be increasingly impacted by the lack of available shipyard slots, which will limit the intake of new orders. This will be particularly noticeable for large and technically complex vessels such as container ships and gas carriers. Starting from 2026, there will be more opportunities for new orders.

Currently, forecasts in shipbuilding are significantly influenced by the “green” factor. Orders for any type of new vessel are often based on the assumption of at least a twenty-year operational lifespan and an assessment of the cargo base.

Shipowners are currently seeking arguments to determine which type of alternative fuel will fully satisfy regulatory bodies (and cargo customers) throughout the vessel’s lifespan. Therefore, uncertainty about future regulatory changes has deterred some buyers and will continue to do so as long as this uncertainty persists.

Today, various alternatives to traditional bunker fuel are being considered, but more extensive research and guarantees that the new technology will allow for the safe and economical use of green fuel are often required. Due to this uncertainty, LNG remains a popular and practical option. Although shipowners currently view it as a transitional solution since it does not completely eliminate carbon emissions.

Let’s examine the outcomes of 2024 in more detail across different fleet segments.

Bulk Carriers

Throughout nearly all of 2024, the bulk carrier segment strengthened across all size and age categories compared to 2023 levels. The most impressive growth was seen in the Capesize segment, where the value of 15-year-old vessels with a deadweight of 180 000 DWT increased by approximately 26,1 %. This was driven by steady earnings from iron ore imports to China, combined with the redirection of ships from the Red Sea and increased demand for additional ton-miles.

However, despite bulk carriers remaining at very high levels compared to the average values of recent years, vessel values were adjusted downwards in the last quarter of the year.

Shipbuilding

The volume of bulk carrier construction has been increasing for the third consecutive year. In total, 501 orders were placed at shipyards in 2024, which is 6 % more than the previous year. This growth is attributed to the ongoing situation in the Red Sea and the increased demand for ton-miles.

Throughout the year, the cost of building bulk carriers remained at its highest level since 2009. For instance, the price of a Capesize vessel with a deadweight of 180 000 DWT increased by 4,7 %, from $66,09 million to $69,17 million USD.

This year, the Panamax sector once again showed the highest volume of orders, with 200 ships ordered (40 % of all bulk carrier orders). The Ultra/Supra/Handy sector was the second most popular, with 175 orders and a market share of around 35 %. In third place was the Capesize sector, accounting for approximately 13 % of new orders. This sector became more attractive in 2024 due to the strengthening of the bulk cargo transportation market, with the volume of orders here almost doubling compared to 2023, when 65 orders were placed.

The share of Handysize vessels in the order book this year dropped to 12 %, as owners are leaning towards larger capacities. A total of only 60 new Handysize orders were placed, compared to 111 just two years ago.

This year, Chinese shipowners dominated the bulk carrier orders with 142 contracts, accounting for approximately 28 % of all orders. Greece was second with 57 orders, representing 37 % of last year’s figures. Taiwan ranked third with 19 orders, or 4 %. Following them were Japan and Singapore with 17 and 12 new orders, respectively.

Chinese shipyards once again secured the majority of the bulk carrier order book, accounting for approximately three-quarters of all orders. The number of orders at Chinese shipyards has been increasing for the third consecutive year. By the end of 2024, Chinese enterprises received 388 orders. Japanese shipyards came in second, but their order numbers dropped by about 24 % to 82 units (compared to 108 ships in 2023). This decline was largely due to limited production capacity and high construction costs.

In third place were the Philippines, which also saw a significant decrease in orders by nearly 42 %, resulting in 15 new orders. Their market share stood at around 3 %.

Secondary Market

Despite adjustments in freight rates, the secondary market is experiencing significant activity, with shipowners looking to capitalize on falling vessel prices.

While bulker values rose across all sectors and age categories during the first half of the year, they underwent a correction in the fourth quarter.

The Capesize sector saw the most significant decline, with prices dropping to their lowest levels since March 2024.

For instance, the value of 15-year-old, 180 000 DWT vessels currently stands at $27,75 million, an 8,26 % decrease from $30,25 million at the beginning of the fourth quarter.

As an example, the Capesize vessel “Orange Tiara” (181 400 DWT, built Sep 2012, Koyo Dock) was sold in March 2024 for $35 million. In contrast, a similar Capesize bulker, “Cape Dream” (179 300 DWT, built June 2011, Hyundai Heavy Ind. Ulsan Shipyard), was sold in November for $28 million.

The total number of second-hand bulk carrier transactions has increased by approximately 8 %. The Ultra/Supramax/Handy sector leads the market with a 33 % share, accounting for 366 recorded sales.

In second place is the Handysize sector, with 352 sales and a market share of about 31 %. The Post/Panamax Bulker segment holds the third position, representing 24 % of the market. Notably, activity in this sector has surged by around 15 %, resulting in 264 transactions. Lastly, the Capesize sector ranks fourth, with a share of approximately 12 %. However, this sector experienced a decline of about 13 % compared to the previous year, totaling 139 sales.

In 2024, China surpassed Greece to become the leading investor in the bulk carrier sector. Shipowners of the country purchased 256 vessels, marking a significant 46 % increase compared to the previous year.

Greece has fallen to the second position with 192 sales, which is an 11 % decrease compared to the previous year. Turkey has moved up to third place with 67 transactions. Following behind is Hong Kong with 58 transactions (the country had 57 purchases in 2023). Rounding out the top five is Japan with purchases of 50 vessels, down 30 % from the previous year.

Disposal

This year, only 59 bulkers were sent for demolition, which is 35 % less than the year before. The majority of these transactions occurred in the first half of the year.

Due to robust earnings and strong performance in the bulk carrier sector, many owners have chosen to postpone demolition (scrapping). The most common sector for scrapping was Ultra/Supra/Handymax with 19 units. However, this figure is almost 45 % lower than last year’s numbers.

Next is the Post/Panamax sector with 21 units, experiencing a decrease of 39 %. In third place is Handysize, the only size category to show growth, increasing from 12 in 2023 to 14 in 2024.

Rounding out the group is Capesize, where the number of vessels sent for demolition has halved, from 10 in 2023 to 5 this year.

The average age of bulk carriers sent for demolition this year is 29 years.

Tankers

The tanker market started the year very dynamically. Freight rates were in a strong position, supported by high ton-mile demand driven by sanctions and the conflict in the Red Sea.

However, towards the end of the year, rates began to decline, and activity in the second-hand market slowed down due to very weak demand from China, combined with uncertainty surrounding future US policies. Despite this, as of mid-December 2024, rates remain at very high levels.

For example, the Suezmax tanker Aegean Angel (159 100 DWT, built in July 2004 at Hyundai Heavy Ind. Ulsan Shipyard) was sold in February 2024 to Avanah Petroleum for US $30,5 million. In contrast, a similar Suezmax, the Evagoras (165 200 DWT, built in March 2003 at Hyundai Samho Heavy Ind.), was sold in November for US $25 million.

Shipbuilding

Tanker shipbuilding concluded the year with a record number of orders placed due to increased demand for tonnage and high prices in the second-hand market. In addition, other factors influenced demand, including fleet renewal to meet new environmental regulations, restructuring development strategies to accommodate green fuels and more.

The total number of tanker orders increased by approximately 31 % – 435 units compared to 333 in 2023. Overall, the tanker sector is experiencing a real boom, with fleet construction prices fluctuating at a 15-year high.

For example, the prices for MR tankers have increased by approximately 10,38 % since January 2024 – from US $46,05 million to US $50,83 million.

Most of the orders placed this year (approximately 47 %) were in the Handy sector – 204 vessels. This size category has seen steady growth over the past few years. Customers mainly preferred MR product tankers due to their wide range and potential for operation. Aframax/LR2 is in second place with 101 orders (compared to 93 units in 2023, representing growth of approximately 9 %).

After a strong start to the year, VLCC vessels fell to third place with a share of approximately 13 % – 57 orders placed this year, compared to 20 the previous year.

Suezmax vessels ranked fourth, accounting for 10 % of the orders placed, or 45 units. This represents an 18 % decrease compared to 2023, when 55 orders were placed.

The Panamax/LR1 sector rounded out the top five with 28 new orders, making up approximately 6 % of the tanker order portfolio. In comparison, 26 orders were placed in this segment in 2023. Notably, this size category has begun to gain popularity among shipowners after a long period of stagnation.

Greece was again the most active in the new tanker construction sector. The country accounted for just over a quarter of the new orders – 113 units (compared to 117 orders in 2023).

China ranked second with 75 orders, significantly higher than the 10 units in 2023. This represents a growth of 650 % (!).

Singapore ranks third with a share of approximately 10 %, or 43 orders. The United Kingdom is just one unit behind, with a share of 9,5 % – 42 orders.

Japan rounds out the top five with a share of approximately 4 % – 18 new orders – which is 60 % less than last year.

Secondary Market

The number of second-hand tanker transactions in 2024 decreased compared to the highs of 2022–2023 – 671 sales versus 820 for the same period last year. This represents a decline of approximately 18 %.

Despite a decrease in transaction volume, prices generally increased throughout the year in almost all sub-sectors and age categories of tankers. This was a result of increased ton-mile demand and a range of geopolitical issues.

For example, the price of a 15-year-old MR tanker with a deadweight of 50 000 DWT increased by 15,16 % – from US $24,21 million to US $27,88 million.

However, towards the end of the year, we saw some adjustments in value due to a decline in demand from China.

In the second-hand market, the most popular segment was Handy Tankers, with 305 units sold, accounting for almost half of all tanker sales (45 %).

Although there was a decline in absolute terms compared to the highs of the previous year, when a record number of 372 sales were confirmed, this figure still indicates good demand.

Afra/LR2 ranks second with 21 %, or 141 registered sales.

Next is the VLCC sector, which accounted for 17 % of sales – 111 units compared to 113 last year (a decrease of only about 2 %).

The Suezmax size ranks fourth with a share of approximately 10 %, or 70 registered sales. The decline is minimal, with 68 such vessels sold in 2023.

However, it is interesting to note that in the crude oil transportation sector, most of the sales occurred in the first half of 2024, with secondary market activity slowing down in the fall and winter.

The largest decline was in the Panamax/LR1 sector with 44 sales (7 % of the market), which is 52 % lower than last year’s figures.

The most active investor in the secondary tanker market in 2024 was the UAE, surpassing China, which had led the previous year.

However, the UAE‘s transaction volume fell from its 2022 peak (161 units) to 124 in 2023 and 120 in 2024.

In second place was China with a share of approximately 16 %, or 109 registered purchases, compared to 123 last year. This represents a decrease of approximately 11 %.

Greece secured third place with roughly 11 % of the market, marked by 77 registered transactions, compared to a 92 % share last year.

Singapore comes in fourth, where the number of transactions dropped by almost 38 % — from 92 sales in 2023 to just 77 in 2024.

Turkey took fifth place, holding a 5 % market share; its activity fell sharply by 60 %, declining from 84 units in 2023 to only 34 this year.

Disposal

Similar to the situation with bulker vessels, tanker owners are not inclined to send older ships for scrapping due to the high profitability of the segment, the value of the assets, and the constant demand. In 2024, only 11 vessels were scrapped compared to 13 in 2023, with the majority coming from the Afra/LR2 category (five vessels).

The average age of tankers scrapped this year is 25 years, which means that only the oldest vessels are being disposed of.

Container Ships

An increase in voyage distances due to the Red Sea crisis has been a key factor in boosting demand for container ships in 2024. Since the beginning of the year, TEU-miles have risen by about 16 %, along with a roughly 6 % growth in global trade, according to CTS. As a result, freight rates for container ships have climbed across all sub-sectors. By year-end, earnings for a Post Panamax vessel reached $73 330 per day — more than double last year’s level with an increase of 111 %.

The strong demand and high earnings have driven up secondary market prices across all sub-sectors and age groups.

So, 15-year-old Post Panamax ships with a capacity of 7 000 TEU increased in price by roughly 90,8 %, reaching $57,72 million.

For example, during the first half of the year, the Post Panamax container ship Paris II (6447 TEU, built in April 2001 by Hanjin Heavy Industries) was sold by MSC for $20 million. By the end of the year, a similar Post Panamax vessel, Brussels (6078 TEU, built in May 2000 by Hanjin Heavy Industries), was purchased by a Chinese firm for $26 million.

Shipbuilding

By the end of 2024, orders for new container ships had surged by approximately 76 %. In total, shipyards secured contracts for the construction of 321 vessels (including options), compared to 182 orders in 2023.

The most popular sub-segment was ULCV/New Panamax, which accounted for just over half of the orders with a 61 % share, representing 196 orders.

The second most in-demand was Post/Panamax, with 92 orders, making up roughly 29 %.

The third segment was Sub/Handy Container, with 19 new orders, around 6 %.

Finally, feeders came in fourth, with just 14 contracts, accounting for 4 % of the market.

In 2024, Taiwan and Singapore were the most prolific buyers of container ships, with each country securing 42 new contracts. Switzerland took second place with 36 orders, followed closely by China with 34 orders. France ranked fourth, with 12 orders.

Among those building container ships, Chinese shipyards dominated, securing 259 contracts – about 81 % of the total. These Chinese yards offer competitive pricing and delivery terms. South Korean shipbuilders took second place with 52 orders, significantly ahead of Taiwan, which received 12 contracts.

Secondary Market

In the secondary market for container ships, the number of transactions decreased by 7 %, totaling 336 purchases.

Among the countries purchasing container ships, Switzerland led the way, largely driven by MSC‘s interest in second-hand tonnage, acquiring 59 vessels. China fell to second place with 45 purchases, followed by Germany and France, each with 25 vessels. Greece rounded out the top five with 22 transactions.

Disposal

By the end of 2024, container ship scrapping dropped by approximately 34 % compared to 2023, with a total of 51 vessels being scrapped.

These low figures are a consequence of a robust market characterized by high earnings and stable asset values.

The majority of vessels sent for scrapping belonged to the Sub/Handy sector – 25 ships, representing 49 % of the total. Feedermax came in second, accounting for 35 % of all scrapping, while Post/Panamax made up about 16 %.

The average construction year of vessels being scrapped is 1995.

Liquefied Petroleum Gas (LPG)

The liquefied petroleum gas (LPG) market experienced a volatile 2024. VLGC (Very Large Gas Carrier) earnings started at $125 000 per day in the first week of January but plummeted to $16 500 per day by the first week of February.

On average, freight rates for this vessel type in 2021 stood at around $43 800 per day, marking a 54 % decline compared to the 2023 average.

Multiple factors contributed to the market downturn. A key driver was the early-year cold snap in the U.S., which disrupted production and drove up propane prices. Additionally, high water levels in the Panama Canal facilitated increased vessel transit, shortening voyage distances and further pressuring freight rates.

On the other hand, demand for LPG remained resilient. Market activity for new vessel orders and secondhand sales — for both large and small vessels — stayed robust.

Despite fluctuations in freight rates, asset values remained relatively stable.

Newbuilding prices rose across all vessel sub-types, while growth in the secondhand market varied significantly between vessel types.

Shipbuilding

In 2024, 122 liquefied petroleum gas (LPG) carriers were ordered, a 20 % increase compared to 102 vessels in 2023. Large vessels such as VLGCs (Very Large Gas Carriers), VLACs (Very Large Ammonia Carriers), and VLECs (Very Large Ethane Carriers) were the most popular among buyers, followed by MGCs (Medium Gas Carriers).

Overall fleet ordering activity reached its highest level in the past five years. VLACs and VLGCs accounted for approximately 28 % of the orderbook share, while medium-sized vessels (23 000–60 000 cubic meters) dominated with a 43 % share.

Singapore Exchange-registered companies were the most active players in the LPG carrier ordering market, with 33 vessels, followed by Greece with 19 vessels.

In total, the top five countries in this segment ordered 82 vessels, marking a 34 % increase compared to the previous year.

It is also worth noting China, which has stepped up its role as a builder of LPG carriers. Of the 128 vessels, 62 (48 %) are attributed to China, followed by South Korea with 59 vessels (46 %).

Secondary Market

In 2024, 148 transactions involving LNG carriers were recorded on the secondary market, representing a 15,6 % increase compared to 2023 and a 1,3 % rise over 2022. While small vessels have dominated secondary market sales in recent years, 2024 proved exceptional as buyer focus shifted toward large-tonnage vessels.

Disposal

This year, seven liquefied petroleum gas (LPG) carriers were sold for scrap — the lowest number in the past five years. All vessels scrapped this year were small-sized, with capacities not exceeding 3 500 cubic meters.

Notably, 23 % of the small-capacity fleet is aged 25 years or older. As a result, this segment is expected to see increased scrapping activity in the coming years.

Liquefied Natural Gas (LNG)

LNG carrier earnings in 2024 remained weak, largely due to an expanded vessel supply. Large vessels commenced the year at approximately $70 000 per day but plummeted to $26 000 per day by early December. The annual average stood at $55 000 per day, marking a 52 % decline compared to 2023 levels.

Shipbuilding

A total of 62 new vessels entered service during the year, with demand struggling to match the pace of supply. Despite declining freight rates, asset values continued to rise steadily.

Moreover, ordering activity in new LNG carrier construction surged, alongside an increase in secondary market transactions.

By the end of 2024, LNG carrier orders rose by approximately 25 % year-on-year, with the first six months of the year alone witnessing a 105 % surge.

In 2024, shipowners placed orders for 109 LNG carriers. Large LNG carriers dominated demand with 68 units, followed by Q-MAX vessels (26 units) and small LNG carriers (15 units). The global LNG carrier orderbook now stands at 406 vessels.

Qatar emerged as the largest buyer of newbuilds in 2024, ordering 40 vessels. All are destined for the country’s flagship LNG expansion project, which aims to boost liquefied natural gas production from 77 million tons per year (mtpa) to 126 mtpa by 2027.

China and Greece followed distantly, with 17 and 10 vessels ordered, respectively.

South Korea continues to dominate LNG tanker construction. In 2024, the country accounted for 68 vessels, or 62 % of the market. China covered the remaining 38 % with 41 ships. Japan and Italy are currently building one vessel each, but these are in the small-scale segment and do not significantly impact overall statistics. This market is very narrow, and in the short term, it will be shared between South Korea and China.

Secondary Market

The majority of transactions on the secondary market in 2024 took place in the large vessel segment. In total, companies purchased 68 ships, which is approximately 39 % more than last year and 3 % less than in 2022.

Disposal

In 2024, seven vessels were sold for scrap: six large LNG tankers and one smaller unit. Unlike previous years, this segment saw the highest scrapping activity in the past five years.

Five of these vessels belong to SK Shipping, which scrapped older LNG tankers that were difficult to sell or retrofit. Scrapping rates for aging LNG carriers are expected to accelerate in 2025.

The LNG fleet is relatively young, but 44 vessels are over 25 years old, placing them in the “high-risk” category for scrapping.

Offshore Sector

Over the past few years, the offshore sector has evolved primarily within market dynamics. Supply tightened due to limited vessel availability and low oil prices. Some regions, such as Northwest Europe, are seeing near-peak fleet utilization rates, with around 95 % of the OSV fleet currently in use.

Newbuild orders have remained constrained over the past year, though a few recent contracts are expected to kickstart the next OSV cycle.

Charter rates have risen across nearly all global regions, alongside asset values. For example, since the start of the year, the price of a 10-year-old PSV with a 5 200 DWT has increased by approximately 32 % — from $25,52 million to $33,81 million. Meanwhile, the cost of a 10-year-old AHTS with 12 000 horsepower has surged by 87 % (!) — from $7,89 million to $14,94 million.

Shipbuilding

The number of offshore sector orders remained low throughout 2024. However, tight supply, geopolitical instability, and rising energy prices are gradually incentivizing shipowners to invest in newbuilds across vessel types, including OSVs, PSVs, and AHTS/AHTs.

For instance, Marinakis’ Capital Offshore ordered eight PSV vessels and two MPSV units this summer. Brazilian Petrobras launched a tender for 12 new platform supply vessels in Brazil under long-term charter agreements, with an option for 26 additional hulls of various types.

In 2024, Chinese shipowners led new OSV construction contracts with 32 units, up 256 % (!) year-on-year. The UAE ranked second with ten FSV vessels under construction at Grandweld Shipyard (compared to just two orders in 2023). Vietnamese and Singaporean companies tied for third place, each securing six vessels.

Chinese shipyards have been particularly attractive to clients.

Furthermore, the fleets of major vessel owners are aging. Key players in the market, such as Tidewater, Bourbon, and COSL, have an average fleet age ranging from 13 to 14 years. Vessels of this type typically have a lifespan of around 25 years, suggesting fleet renewal is becoming necessary. Consequently, a surge in orders for offshore vessels is anticipated between 2025 and 2026.

However, shipyard slots are already limited, meaning that even if contracts are secured, new vessels won’t be delivered until 2027-2028, by which time the average fleet age will have increased further.

In this new wave of orders, Chinese shipyards are likely to be more appealing, as they are already equipped to build technically complex vessels with adequate quality, and crucially, at an attractive price. Traditional Norwegian shipyards like Vard and Ulstein will have to compete with Asian yards primarily on cost, as the specifications and vessel types that can be built in both Europe and Asia are comparable.

Secondary Market

Transactions in the secondary market for offshore vessels have decreased significantly compared to 2022 and 2023. A total of 190 OSV vessel deals were registered this year, whereas 396 were recorded in the previous year – a decline of approximately 52 %.

Throughout the year, prices increased in nearly all OSV subsectors and age categories.

However, as has been the trend for the past five years, Anchor Handling Tug Supply (AHTS) vessels were the most popular segment in the secondary OSV market, accounting for approximately 46% of sales with 87 transactions (compared to 179 transactions in 2023, a decrease of around 51 %). Platform Supply Vessels (PSV) came in second, representing 33 % of total OSV fleet sales with 63 transactions (down from 156 in 2023, a drop of 60 %). Field Support Vessels (FSV) / Crew boats ranked third, with a share of around 16 %.

The UAE was the most active buyer of vessels in the secondary market, accounting for 18 % of all transactions. The United States followed, having led the market in 2023.

The number of purchases by UAE-based shipowners fell from a peak of 59 units in 2022 to 47 in 2023. U. S. companies purchased nine vessels, an 84 % decrease from the 59 transactions recorded in 2023. India ranked third with seven deals, down 47 % from last year’s figure of 16 transactions.

Disposal

The volume of the fleet sent for scrapping decreased further in 2024. Shipowners sold a total of just nine OSV vessels for demolition compared to 18 in 2023. The average age of OSV vessels sold for scrap this year was 32 years.

Ro-Ro

The Ro-Ro market remained stable in the first half of 2024, influenced by limited PCTC vessel availability and strong car exports from China. This kept freight rates at historically high levels. However, the situation changed in June with the introduction of EU tariffs (ranging from 27 % to 47 %) on Chinese electric vehicles, leading to a decline in demand for PCTCs.

Concurrently, large Ro-Ro began to be delivered, including the Hoegh Aurora with a capacity of 9 100 CEU built by China Merchant Heavy Ind. Forecasts predict that freight rates and Ro-Ro values will fall to average levels by 2025.

Shipbuilding

By the end of 2024, the number of orders had decreased by approximately 25 %. Including options, the funding committed to new orders totaled around USD 6,42 billion.

The number of orders for LCTC vessels decreased by approximately 43 %. A notable exception was Wallenius Wilhelmsen, which reserved 12 vessels at China Merchants Jinling Shipyard, including four dual-fuel LNG-powered Ro-Ro with a capacity of 9 350 CEU, plus eight with a capacity of 11 700 CEU. This established a record for the company in this fleet segment.

Another significant order came from Eastern Pacific Shipping, which focused on mid-size PCTCs and ordered 12 dual-fuel vessels with a capacity of 5 500 CEU for approximately USD 1 billion. The contract will be executed by two Chinese shipyards: Fujian Mawei Shipyard (eight units) and China Merchants Jinling Shipyard (four units).

By the end of 2024, Norway was the largest customer, with 17 vessels ordered: Wallenius Wilhelmsen (12 units), UECC (four units), and NOCC (one vessel). Singapore ranked second, largely due to the order from Eastern Pacific Shipping (12 units), followed by South Korea with ten vessels. Shipping company Glovis ordered the construction of ten dual-fuel LNG-powered Ro-Ro with a capacity of 10 800 CEU, to be built by Chinese shipyards Guangzhou CSSC Longxue Shipbuilding (eight units) and Shanghai Waigaoqiao Shipbuilding (two units).

From 2020 to 2024, China led as the top ordering nation with 55 vessels, followed by Norway (51 units) and Japan (44 units).

Chinese shipyards secured approximately 94 % of all Ro-Ro orders, including options. South Korea and Japan followed far behind in second and third place, respectively.

Secondary Market

Activity in the secondary market was subdued in 2024, with only 14 transactions recorded, matching the level of the previous year. Shipowners were reluctant to divest their assets.

The top five countries purchasing Ro-Ro from 2020 to 2024 is led by Japan with 22 purchases, followed by South Korea (14) and China (12). Meanwhile, Norway was the most active buyer by the end of 2024.

Disposal

In 2024, only one Ro-Ro sale for scrapping was recorded. The small vessel Fugako Maru (960 CEU, February 1997, Mitsubishi HI) was sold to Bangladesh at a price of 516 USD/LDT.