Asian Shipbuilders See Record Highs for Newbuilds in 2024

2024 has been a standout year for Asian shipbuilders, with newbuild prices reaching unprecedented levels.

According to recent data from Clarksons Research, the average price of a newbuild has soared to $90 million this year, marking a 30% increase from the previous high set in 2022. This figure is significantly higher than the average price of newbuilds over the last decade, which hovered around $50 million.

The British broker attributes the spike in prices to several key factors. Among them are the growing adoption of green technologies, a shift toward higher-value ships, and the increasing demand for larger vessels.

The average ship size ordered this year has reached a record-breaking 54,000 gross tons (gt), a 40% increase over the 10-year average. Additionally, more expensive ship types, such as gas carriers, containerships, and cruise ships, have made up almost 50% of the total tonnage ordered in 2024, compared to just 28% during the 2010s.

Shipyards have enjoyed a strong run of newbuild orders across various sectors this year. The total tonnage contracted in the first nine months of 2024 reached 93.6 million gt, already surpassing the full-year totals of both 2022 and 2023. Clarksons forecasts that more than 100 million gt will be contracted by the end of the year, a substantial number, although still far below the record 172 million gt contracted in 2007.