Due to the interaction of multiple factors, the construction cost of new container ships has exceeded that of liquefied natural gas (LNG) carriers, which are representatives of high value-added vessels.
The analysis pointed out that due to factors such as the recovery of global freight volume after the COVID-19 pandemic, the expansion of e-commerce, and the strengthening of environmental protection regulations requiring container ships to adopt advanced technology, the cost of building new container ships has continued to rise.
According to data recently released by Clarksons, as of the end of May, the cost of building a new ultra-large container ship (22,000 TEU to 24,000 TEU) was US$273.5 million, while the cost of building a new LNG carrier was US$255 million. In comparison, the cost of building an ultra-large container ship is US$18.5 million higher than that of an LNG carrier.
Normally, the cost of building a container ship is not high. However, due to the special nature of the cargo it transports, LNG carriers require advanced shipbuilding technology and cargo containment systems during shipbuilding, and have always been a representative of high value-added vessels.
However, with the strengthening of environmental regulations and increasing technological demands, as well as the recovery of global freight volumes after the COVID-19 pandemic, demand for container ships has rebounded, driving up the cost of building these types of vessels.
In particular, new container ships all use dual-fuel propulsion systems (such as LNG, methanol fuel, etc.) and are equipped with energy-saving hulls and other cutting-edge environmental protection technologies, further pushing up the prices of new vessels.
In addition, the US crackdown on China’s shipbuilding industry is also one of the factors contributing to the rise in the price of new container ships. Many shipowners have shifted their container ship orders from China to South Korea, and South Korean shipyards usually offer higher quotations than China.