According to Clarksons data, the Newbuilding Price Index reached a historic peak of 184.83 at the end of 2007 (during the previous supercycle in the shipbuilding industry) and rebounded to 189.69 in the third quarter of 2024. As of the end of February 2026, the Clarksons Newbuilding Price Index stood at 182.14.
The data indicates that although the shipbuilding industry has recovered from the slump in order prices that followed the 2008 financial crisis, the overall increase in the new ship price index is only 2.6% compared to 17 years ago.
Since the newbuilding price index is calculated by aggregating the construction costs of all ship types, the overall increase of 2.6% indicates that there is very limited room for further increases in newbuilding prices.
Data shows that the newbuilding price index for Very Large Gas Carriers (VLGCs) rose from 93 in 2007 to 123 in 2024, an increase of approximately 24%, with the index for certain high-value-added ship types seeing double-digit growth. On the other hand, the newbuilding price index for some ship types has declined.
In the tanker market, the newbuilding price index for Very Large Crude Carriers (VLCCs) rose from 146 in 2007 to 150 in 2008; after reaching its peak, it fell to 129 by 2024; The newbuilding price indices for Suezmax tankers (90 in 2007 to 90 in 2024) and Aframax tankers (72.5 in 2007 to 75 in 2024) remained largely unchanged.
In the bulk carrier market, the newbuilding price index for Ultramax bulk carriers fell from 48 in 2007 to 35 in 2024, representing negative growth; for Kamsarmax bulk carriers, the index dropped from 46.5 in 2008 (the first year for which data is available) to 37.5 in 2024.
Generally speaking, unless there are exceptional circumstances such as war or an unprecedented surge in cargo volumes, shipowners tend to take a conservative approach to increasing the construction costs of new ships. Consequently, some observers believe that while shipbuilding costs continue to rise, the only slight increase in ship prices will further increase the cost burden on shipyards, particularly labor costs, which account for a significant portion of total expenses.