Business Sectors
Events
Shuttle Tanker Webinar Week 2025
01 Jul 2025
BST - ONLINEContents
Register to read more articles.
Container vessels top Greek orders in H1 amid South Korean shipyard dominance
Container vessels have become the top newbuilding investment choice for Greek shipowners in 2025, with South Korean shipyards continuing to outpace their Chinese rivals
Xclusiv Shipbrokers research analyst Eirini Diamantara told Riviera Greek shipowners signed contracts for 73 new vessels in the first half of 2025 – a sharp 58% decrease from the 176 ships ordered during the same period last year. This downward trend is reflected globally, with total orders falling from 1,169 in H1 2024 to 423 in 2025, a 63% drop.
South Korean shipbuilders remain the preferred choice for Greek owners, a trend partly driven by market uncertainty stemming from a proposed US port fee. South Korea now accounts for nearly 65% of Greek orders, while China’s share has declined to 30%, and Japan holds 6%.
The shift is particularly stark across vessel segments. In the tanker sector, South Korea commands a 72% share of Greek orders this year, up from just 16% in 2024. China, by contrast, has fallen to 28% from 78%. In container vessels, South Korea rose from 0% to 61%, while China’s share plummeted from 100% to 39%.
The bulk carrier segment tells a similar story. Japan has emerged as the dominant supplier, securing 100% of Greek orders in H1 2025 – up from 23% last year – while China, which held a 77% share in 2024, has been entirely excluded.
China has also been edged out of the gas carrier market. South Korea leads with an 80% share, followed by Japan at 20%. In H1 2024, South Korea held 69%, with China at 17% and Japan at 14%.
Container vessels lead Greek demand
Among vessel types, container ships were the top choice for Greek owners, with 33 orders placed in H1 2025 – up from 17 last year. Notably, this was the only segment to register year-on-year growth globally, with 201 orders worldwide compared with 170 in H1 2024.
Ms Diamantara noted the uptick reflects a strategic push toward fleet modernisation and environmental compliance. The container segment is a frontrunner in adopting alternative fuels, aided by its predictable trade routes.
“Shipowners are phasing out older tonnage in favour of newbuildings equipped with dual-fuel engines, alternative propulsion technologies, and enhanced energy efficiency,” she explained. This trend aligns with increasingly stringent environmental regulations and growing pressure from cargo owners to decarbonise supply chains.
She also highlighted that early delivery slots – available at several Asian shipyards as early as late 2026 or 2027, particularly for mid-size and feeder vessels – make newbuildings an attractive option compared with the overbooked LNG carrier and tanker segments.
Another factor attracting owners is the limited supply of modern secondhand container ships and high resale prices. Newbuildings, by contrast, offer better fuel efficiency, regulatory readiness, and longer commercial lifespans.
Tankers rank second despite slowdown
Tankers ranked second among both Greek and global orders. Greek owners signed contracts for 32 tankers in H1 2025, down from 100 last year. Globally, orders dropped from 486 to 102.
“Tanker freight rates have been volatile and, in some cases, underwhelming – especially in the product tanker segment – while newbuilding prices remain high,” Ms Diamantara said. “This has dampened owners’ confidence in committing to long-term capital projects.”
She also pointed to geopolitical tensions, which are disrupting trade flows and complicating demand forecasts, making speculative ordering less appealing.
Fuel uncertainty remains a key concern in the tanker segment, with many owners adopting a cautious ’wait-and-see’ approach.
Bulk carrier orders vanish
Bulk carrier orders have nearly disappeared. Greek owners ordered just three bulkers in H1 2025, down from 30 last year, while global orders fell to 76 from 355.
Ms Diamantara attributed the subdued activity to persistently low freight rates and high newbuilding prices. She added that recent years of strong newbuilding activity, combined with low scrapping levels, have raised concerns over future oversupply.
Last year, 581 bulk carriers were added to the global fleet. That number is expected to reach 632 in 2025, with a further 530 due in 2026 and 474 scheduled for delivery from 2027 onward.
“This growing orderbook – if not offset by scrapping or increased demand – may continue to pressure market fundamentals and add to shipowners’ uncertainty about future investments,” she warned.
Gas carrier orders decline sharply
The gas carrier segment also saw a major drop in newbuilding activity. Only 44 contracts were signed globally in H1 2025, compared with 158 in the same period last year. Greek owners ordered just five gas carriers this year, down from 29 in H1 2024.
Ms Diamantara explained the slowdown follows a surge in LNG carrier orders during 2023–2024, driven by Europe’s push to diversify energy sources away from Russia. With many owners having already renewed or expanded their fleets, the market is now experiencing a natural pause.
In addition, shipyards capable of building gas carriers are highly specialised and currently at or near full capacity. New LNG carrier slots are now being offered for delivery in 2028 or later, making new orders less attractive due to long wait times and delivery uncertainty.
Furthermore, major charterers have become more selective. The 2023–2024 boom was backed by long-term charter contracts – many of which have already been secured. “With fewer long-term deals currently available, speculative orders carry greater risk,” Ms Diamantara said.
She concluded by noting that financing new gas carrier projects without firm charters has become increasingly difficult, further dampening newbuilding momentum.
Sign up for Riviera’s series of technical and operational webinars and conferences:
- Register to attend by visiting our events page.
- Watch recordings from all of our webinars in the webinar library.
Related to this Story
Events
Shuttle Tanker Webinar Week 2025
01 Jul 2025BST - ONLINECyber & Vessel Security Webinar Week
01 Jul 2025BST - ONLINEContainer Shipping & Port Technology Webinar Week
08 Jul 2025BST - ONLINELNG Shipping & Terminals Webinar Week 2025
15 Jul 2025BST - ONLINE
© 2024 ĂŰĚŇTV.