Chinese shipyards now hold 68% of the global shipbuilding orderbook, twice their share in 2008, as outstanding vessel construction contracts reach a record 226 million compensated gross tonnage (CGT), valued at approximately $700 billion.
The figures, published by Clarksons Research on 30 October 2026, show China’s growing position in a newbuilding market that has surpassed its previous peak of 225.5 million CGT in September 2008. The current orderbook is 24% larger than a year earlier and three times its 2020 level.
China’s share of outstanding orders has risen from 34% in 2008 to 68%, while South Korea’s share has declined from 32% to 17% and Japan’s from 18% to 8%.
The shift is also evident among major shipbuilders. Six of the world’s ten largest shipyards by orderbook volume are now in China, compared with two in 2008. China State Shipbuilding Corporation (CSSC) has overtaken HD Hyundai to become the largest shipbuilding group by orderbook.
South Korean yards nevertheless retain a 60% share of the gas carrier segment, while European shipbuilders account for 97% of the cruise shipbuilding market.
Among individual yards, Hengli Heavy Industry has accumulated an orderbook of 485 vessels. Separate figures from shipbroker Banchero Costa place Hengli’s share at 11.2% of outstanding CGT across seven major merchant shipping sectors, as detailed in HMT News’ earlier coverage of Hengli.
Despite the record orderbook, the scale of vessel construction relative to the operating fleet remains below the 2008 peak. In gross tonnage (GT) terms, outstanding orders represent approximately 25% of the existing fleet, compared with 53% in 2008.
The vessel mix has also changed. Containerships account for 31% of the orderbook by CGT, while gas carriers represent 15%, up from 5% in 2008. Bulk carriers have declined from 31% to 17%, and tankers from 25% to 21%.
Stephen Gordon, managing director of Clarksons Research, attributed the expansion to strong vessel earnings, geopolitical disruption, energy security requirements and fleet renewal.
Global shipbuilding output is expected to increase further. Clarksons forecasts deliveries of approximately 64 million CGT in 2027, potentially rising to 72 million CGT in 2028, according to figures reported by Splash247.
The projected increase in deliveries follows the expansion of global shipyard orderbooks, with Chinese builders holding the largest share of contracted work.
