Despite market uncertainty caused by US tariffs and proposed port fees, which have disrupted shipowners’ ordering logic, Chinese shipyards are still projected to secure 80% of global bulk carrier orders by 2025. Global shipowners are becoming more cautious in their shipbuilding activities due to factors such as policy uncertainty, high new ship construction costs, limited shipyard slots, and a growing preference for high-value-added vessels.
According to data from shipbroker BRS Shipbrokers, global shipowners placed orders for a total of 504 bulk carriers (approximately 51 million deadweight tons) in 2025, marking a 16% decline from 2024. Based on order volume, this represents the lowest level in five years.
The shipbroker noted: “The dry bulk charter market remained weak in the first half of 2025, with the Baltic Dry Index (BDI) falling to a 26-month low at the start of the year. This situation, compounded by uncertainties surrounding U.S. tariff policies, significantly dampened shipowners’ willingness to order newbuildings.”
In the shipbuilding sector, several shipbuilders that once specialized in bulk carriers have shifted to securing more profitable orders for container ships and tankers. Take New Dayang Shipbuilding, which focused on constructing Ultramax bulk carriers, as an example. The shipyard has begun building feeder container ships and MR product tankers starting in 2025.
Meanwhile, the order structure for bulk carriers is also undergoing a shift. During the most turbulent period of the market from April to September 2025, as uncertainty surrounding the proposed U.S. port fee policy intensified, shipowners’ ordering patterns underwent a significant change—the market became highly concentrated on ordering Capesize and Supramax bulk carriers, propelling these two ship types to become the mainstay of new orders in the bulk carrier market for the entire year.
The Supramax bulk carrier has also demonstrated strong resilience. Orders for this vessel type between April and September 2025 accounted for 55% of the total in 2025, indicating that U.S. port fee policies have not materially curbed order growth for the segment. This is partly attributable to the inclusion of multiple exemption clauses in the proposed sanctions framework. Meanwhile, the vessel type has a low reliance on U.S.-bound routes, with voyages to the U.S. representing only 5% of the global Supramax trade volume in 2025.
In contrast, Panamax bulk carriers (68,000-84,999 deadweight tons) have been hit the hardest, which is closely related to their core position in global grain trade and their high dependence on related freight flows to the United States.
According to BRS Shipbrokers data, only 85 Panamax bulk carriers were ordered globally in 2025, representing a 9% year-on-year decrease in the total bulk carrier order volume. Between April and September 2025, only 17 of these vessels were ordered, with 7 to be built by Japanese and Philippine shipyards, and the remaining 10 commissioned by non-Chinese shipowners to be built by shipbuilders outside of China, thus mitigating potential port fee risks.
BRS Shipbrokers explained, “Given that most Panamax bulk carriers have a deadweight tonnage exceeding 80,000 tons and do not qualify for the exemption, this type of vessel is the most directly affected by U.S. policy measures.”