The global shipping order book has reached a 17-year high at the end of the first quarter of 2026, driven by record crude tanker contracting and sustained newbuilding activity, according to the BIMCO.
The total order book stood at 191 million Compensated Gross Tonnes (CGT), representing 17% of the global fleet, the highest ratio since 2011. The growth reflects strong contracting momentum throughout the 2020s, with the latest surge led by tanker orders.
Newbuilding contracting during Q1 2026 increased 40% year-on-year to 17.6 million CGT, supported by a tripling of tanker orders and a recovery in LNG carrier contracting. Tankers accounted for 32% of total orders, the highest share since 2017. However, on a quarterly basis, overall contracting declined 17%, mainly due to a slowdown in dry bulk vessel orders after a spike in late 2025.
Order book-to-fleet ratios have risen significantly across segments, reaching 40% for LNG carriers, 37% for container vessels, 22% for crude tankers, and 19% for product tankers. The increase in tanker orders is expected to support fleet renewal, as a significant portion of the existing fleet is ageing.
Shipbuilding activity remained heavily concentrated in China, with Chinese yards securing 70% of global orders in the first quarter. South Korean shipyards accounted for 20%, while Japan’s share dropped to just 1%, its lowest in decades.
Looking ahead, industry analysts caution that expanding order books, high newbuilding prices, long delivery timelines, and geopolitical uncertainties could moderate future contracting activity despite the current strong momentum.
