Chinese shipowners remain the main driving force behind the dry bulk newbuilding market this year, with a particular focus on Capesize bulk carriers.
Data from ship broker BRS Shipbrokers shows that from January to July 2025, although the order volume of Chinese shipping companies fell by nearly 50% year-on-year, it still maintained its position as the world’s largest ship-ordering country.
BRS pointed out: “This decline is not significantly related to the recent proposals put forward by the Office of the United States Trade Representative (USTR), but rather due to the unusually large order volume from Chinese shipowners in 2024.”
Despite a decline in overall ordering, China’s Capesize bulk carrier orderbook grew by approximately 37% year-on-year, with 30 new ships ordered. BRS attributes this growth to COSCO’s “National Cargo, National Fleet strategy, launched in 2024, which is driving an ambitious plan to build 100 ships.
For example, in July this year, COSCO SHIPPING Development (Hainan) Co., Ltd. (hereinafter referred to as “COSCO SHIPPING Development (Hainan)”), a wholly-owned subsidiary of COSCO Shipping Development, ordered 10 210,000-dwt bulk carriers. COSCO Shipping Heavy Industry (Zhoushan) and Beihai Shipbuilding were contracted to build six and four, respectively. Furthermore, in June this year, Shandong Ocean Group ordered 10 325,000-dwt methanol dual-fuel very large ore carriers (VLOCs) from Beihai Shipbuilding.
While Chinese shipowners continue to place orders, Greek shipowners, long considered a bellwether for the market, have significantly reduced their ordering this year and have fallen out of the top five global ordering nations. Greek shipowners have fallen from second place in 2024 to sixth in 2025, with orders for just one Kamsarmax and two Handymax bulkers.
In the Panamax and Supramax bulk carrier segments, new orders from China and Greece have both declined significantly.
Data shows that from January to July 2025, global dry bulk carrier orders fell by 63% year-on-year, with only 165 vessels ordered, totaling 15.5 million deadweight tons: Supramax bulk carriers accounted for 55% of orders, Capesize bulk carriers accounted for 23%, and Panamax and Handymax combined accounted for 11%.
Measured in both deadweight tonnage and number of vessels, 2025 will mark the lowest level of orders in the past decade – well below the 10-year average of 485. This stands in stark contrast to the record peak expected in 2024, when full-year orders will reach 63.9 million deadweight tonnage, the highest level in a decade.
BRS attributed the decline in ordering to persistently high ship prices, regulatory and technological uncertainties, and geopolitical and trade policy shocks.