In October, the global new shipbuilding market showed a pattern of “one increase and one decrease”: new ship orders fell by half month-over-month but rose slightly year-over-year. Orders secured by Chinese shipbuilders also declined, but remained firmly in first place globally. From January through October 2026, Chinese shipbuilders secured more than three-quarters of global orders, with the gap between them and South Korea continuing to widen.
On November 4, Clarksons released its latest monthly shipbuilding market data. In October 2026, global new ship orders totaled 4.31 million compensated gross tonnage (CGT) across 142 vessels, a 56% decrease from the previous month (9.71 million CGT) and a slight increase of 5% year-over-year (4.11 million CGT).
New Orders for Chinese Shipbuilders Decline Month-Over-Month
By country, in October, Chinese shipbuilders received new ship orders totaling 2.83 million CGT across 105 vessels, a 65% decrease from the previous month, with a market share of 66%. During the same period, South Korean shipbuilders received new ship orders totaling 930,000 CGT across 19 vessels, a 29% decrease from the previous month, with a market share of 22%.
In comparison, the month-over-month decline in orders for Chinese shipbuilders in October exceeded the global average decline (56%) by 9 percentage points and the decline for South Korean shipbuilders (29%) by 36 percentage points. However, in terms of market share, due to the significant difference in the base figures, Chinese shipbuilders still maintained a substantial lead over South Korea—by 44 percentage points—and continued to rank first for the month.
Chinese Shipbuilders Solidify Their Dominant Position
From January through October 2026, Chinese shipbuilders’ dominant position in the market became even more pronounced.
From January through October, total global new ship orders reached 79.69 million CGT/2,859 vessels, a 61% increase compared with the same period last year (49.51 million CGT/2,171 vessels).
During this period, Chinese shipbuilders received cumulative orders totaling 61.03 million CGT across 2,238 vessels, a year-over-year increase of 95 percent, with a market share of 77 percent. South Korean shipbuilders received cumulative orders totaling 11.91 million CGT across 296 vessels, a year-over-year increase of 46 percent, with a market share of 15 percent.
The data shows that although both Chinese and South Korean shipbuilders saw an increase in new orders compared to last year, the gap in order volumes between the two widened further because the growth rate of orders for Chinese shipbuilders was significantly higher than that of South Korean shipbuilders. From January to October of this year, the order volume of Chinese shipbuilders was approximately 5.1 times that of South Korean shipbuilders.
Handheld orders continue to rise
As of the end of October 2026, the global orderbook for new ships stood at 229.5 million CGT, an increase of 4.15 million CGT from the previous month.
During the same period, Chinese shipbuilders held orders totaling 156.47 million CGT, an increase of 4.29 million CGT from the previous month and 43.44 million CGT year-over-year, with a market share of 68%. South Korean shipbuilders held orders totaling 38.56 million CGT, an increase of 360,000 CGT from the previous month and 3.89 million CGT year-over-year, with a market share of 17%.
New Shipbuilding Price Index Hits Record High
Driven by factors such as high inflation and rising raw material prices, overall ship prices have remained at high levels. As of the end of October 2026, the Clarkson Newbuilding Price Index stood at 187.2 points, up 0.61 points from the previous month (186.59 points), reaching a record high. Compared to October 2021 (151.96 points), the index has risen by approximately 23 percent.
In terms of major vessel types, the construction cost for a new 174,000-cubic-meter liquefied natural gas (LNG) carrier was $245 million, down from the previous month ($246.5 million); The construction cost for a new Very Large Crude Carrier (VLCC) was $131.5 million, a slight increase from the previous month ($131 million); the construction cost for a new ultra-large container ship (22,000–24,000 TEU) was $240 million, down from the previous month ($248.5 million).