Boxship newbuild contracts now stretch into 2029

Owners of dry bulk carriers and tankers looking to rejuvenate their fleets have a long wait on their hands. LNG carrier and containership orders continue to dominate Asian shipyard books with brokers reporting an extraordinary further string of boxship orders, pushing delivery dates into 2029. 

“There are an enormous amount of newbuilding negotiations ongoing, predominantly driven by operators but also a few non-operating owners signing LOIs to try and secure berths at yards already fairly close to capacity,” broker Braemar noted in its latest container markets summary. 

CMA CGM has ordered a series of six 8,000 teu LNG dual fuel ships at Samsung Heavy Industries and is also in talks for a series of up to twelve 15,000 teu vessels at the same facility, according to Braemar. However, officials at Samsung Heavy tell Splash no contracts have been finalised.

MB Shipbrokers, meanwhile, is reporting that Chinese yards Jiangnan and Hudong are in talks with several buyers for ships in the 13,000 to 14,000 teu range, which would stretch into 2029 deliveries.

“The container newbuilding run is set to continue through June and we anticipate a string of orders will materialise during the summer,” the Danish broker reported. 

Shipyards’ global orderbook currently stands at 133m compensated gross tonnes (cgt), an increase of 56m cgt compared to the orderbook’s most recent low in late 2020, according to shipping organisation BIMCO. LNG and containerships have accounted for respectively 35% and 30% of the increase. 

The number of LNG newbuilding orders has more than doubled from the same period last year where 34 orders were placed, compared to 78 in the first five months of 2024, an increase of 129%, according to recent analysis from VesselsValue.