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China Captures 64% of Global Shipbuilding Order Book

The global shipbuilding order book reached 203.2 million compensated gross tonnage in September, up 13% year-on-year, with China controlling 64% compared to 19% for South Korea and 6% for Japan.

October 24, 2026
China Captures 64% of Global Shipbuilding Order Book

The global shipbuilding order book reached approximately 203.2 million compensated gross tonnage as of September 1, a 13% increase from 180 million tons a year ago, according to a new analysis published by BIMCO and reported by gCaptain.

This volume surpasses the previous record level of 195.4 million tons recorded in 2008, although it remains slightly below the all-time high of 210.4 million tons in May. Chinese shipyards accounted for 74% of the contracted compensated gross tonnage over the past 12 months.

China now controls 64% of the global order book, compared to 19% for South Korea and 6% for Japan, holding more than 72% of the order book across each of the six major ship categories. Niels Rasmussen, Chief Shipping Analyst at BIMCO, stated that container ships dominate the order book and its growth, accounting for 30% of requested capacity and 68% of the increase over the past year, with China holding 81% of the container ship order book.

China's order book gives the country's shipyards 4.2 years of work based on the highest annual output rate between 2021 and 2025, compared to 1.9 years for South Korea and 1.7 years for Japan. Combined output from China, South Korea, and Japan stood at 40.1 million tons in 2025, but scheduled deliveries rise to 55.9 million tons in 2027 and 60 million tons in 2028, with Chinese deliveries expected at 44 million tons in 2028 compared to 22.7 million tons in 2025. Rasmussen warned that the required expansion in production capacity could heighten the risk of underutilization if future contracting declines.

What do these terms mean?

Compensated Gross Tonnage: A measurement unit used by the shipbuilding industry to measure the amount of work required, differing from the actual weight of the ship.

Order Book: The total number of ships that shipping companies have contracted to build and have not yet been delivered.

Utilization Rate: The percentage of available production capacity used, which decreases when capacity exceeds order volume.

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