In August, global new ship orders fell by more than 20% year-over-year and month-over-month, indicating a relative cooling of the new shipbuilding market; conversely, the New Shipbuilding Index, which reflects ship prices, continued to rise. Among shipbuilding nations, Chinese shipbuilders once again topped the list with an 85.4% market share, marking their 17th consecutive month in the lead.
On September 4, Clarksons released its latest monthly data on the newbuilding market. In August 2026, global new ship orders totaled 4.2 million compensated gross tonnage (CGT, 125 vessels), a 29% decrease from the previous month and a 23.7% decrease year-over-year (5.51 million CGT / 221 vessels).
The Gap in Orders Between Chinese and South Korean Shipbuilders Widens Further
By country, in August, Chinese shipbuilders received orders totaling 3.59 million CGT (107 vessels). Although the order volume fell by 14.8% year-over-year, their market share rose to 85.4% from 76.4% in the same period last year, an increase of 9 percentage points. South Korean shipbuilders received orders totaling 310,000 CGT (10 vessels), a 62.1% decrease from the previous month and a 53% decrease year-over-year; their market share fell to 7.3%, down 4.6 percentage points from 11.9% during the same period last year. Japanese shipbuilders received orders totaling 150,000 CGT (5 vessels), with a market share of just 3.7%.
In recent months, there has been a noticeable gap in market share between Chinese and South Korean shipbuilders.
In May, Chinese and South Korean shipbuilders held market shares of 61% and 31%, respectively, with a difference of 30%; in June, South Korean shipbuilders’ market share plummeted to 9%, while China’s rose to 85%, with the difference widening to 76% at one point; In July, the market shares of the two countries’ shipbuilders stood at 14% and 84%, respectively, with the gap narrowing slightly by 6 percentage points to 70%; in August, the gap between the two countries’ shipbuilders’ market shares reached a historic high of 78.1%.
Monthly orders have declined, but the overall trend is upward.
Although monthly orders have declined somewhat, the overall order situation in 2026 shows an upward trend. From January through August 2026, the total volume of new ship orders worldwide reached 59.72 million CGT (2,128 vessels), representing a 60.6% increase compared to the same period last year (37.19 million CGT / 1,568 vessels).
During this period, Chinese shipbuilders received orders totaling 45.39 million CGT (1,672 vessels), a significant year-over-year increase of 95.4%; their market share stood at 76%, up 13.6 percentage points from 62.4% in the same period last year. South Korean shipbuilders received orders totaling 9.38 million CGT (243 vessels), a year-over-year increase of 54.4%; their market share stood at 15.7%, a slight decline of 0.6 percentage points from the 16.3% recorded during the same period last year.
Chinese Shipbuilders Hold a Leading Position in Global Order Backlogs
As of the end of August 2026, the global orderbook for new ships stood at 216.43 million CGT (8,053 vessels), an increase of 1.05 million CGT from the previous month, with the overall volume continuing to grow.
During the same period, Chinese shipbuilders’ order backlog stood at 145.39 million CGT (5,571 vessels), representing a year-over-year increase of 34.6% and a month-over-month increase of 2.3 million CGT; their market share was 67.2%, up 5.9 percentage points from the same period last year (61.3%). South Korean shipbuilders held orders totaling 37.96 million CGT (795 vessels), up 10.1% year-over-year but down 410,000 CGT month-over-month; their market share fell from 19.6% in the same period last year to 17.5%, a decrease of 2 percentage points.
Looking at the new shipbuilding market as a whole, the gap in orders between Chinese and South Korean shipbuilders is particularly pronounced. In 2022, the market shares of Chinese and South Korean shipbuilders were 48% and 35%, respectively, a difference of 13 percentage points; as of the end of August 2026, the gap in market share for order backlogs had widened significantly to 45.2%, with shares of 67.2% and 17.5%, respectively. It is projected that China will continue to account for a high proportion of total shipbuilding volume in the future.
As of the end of August 2026, the Clarkson Newbuilding Price Index stood at 186.34, up 0.85 points from the previous month (185.49) and up slightly by 0.08 points year-over-year. Compared to July 2021 levels, the index has risen by approximately 28 percent.
By major vessel type, the cost of building a new 174,000 cbm liquefied natural gas (LNG) carrier is approximately $248.5 million; the cost of building a new very large crude carrier (VLCC) is approximately $131 million; and the cost of building a new ultra-large container ship (22,000–24,000 TEU) is approximately $254 million.