The 2025 newbuilding market finds itself firmly on a path of deceleration. Investment appetite for new vessels has notably contracted compared to the past two years, with global orders totaling just 439 ships in the first four months of the year—a fouryear low. This marks a stark decline from 980 ships ordered during the same period in 2024 and 809 in 2023. Current activity levels now converge with those last seen in 2020, highlighting a prevailing sense of caution across the industry, shaped by macroeconomic pressures, increasingly complex regulatory demands, and mounting geopolitical uncertainty.
Amid this broader landscape of hesitation, Greek shipowners continue to stand out—not through sheer volume, but through the strategic depth of their approach. Greek market players are adopting a highly selective investment strategy, shifting their contracting activity toward technically sound, regulation-aligned shipbuilders. This redirection not only mitigates geopolitical risk but also signals a clear and deliberate strategic stance. Investment allocation by vessel type and geographical preference of shipyards both reflect a steady commitment to long-term operational and commercial value, even in a year of reduced overall activity.
Greek-affiliated orders dropped from 112 ships last year to 65 in the first four months of 2025. However, despite the lower count, Greece’s share of global contracting rose substantially—from 11.5% in 2024 to 15.8% in 2025. This shift highlights an enhanced Greek presence in a market that has become markedly more selective and risk-aware.
The composition of these Greek orders reveals a focused concentration in two main areas: tankers, which make up 49% of orders, and containerships, accounting for 43%. Notably, there is an almost complete absence of new orders in the bulker and gas carrier segments. This divergence is particularly pronounced in the gas segment—especially LNG—which has historically represented a significant share of Greek orders, particularly at Korean yards. This strategic retreat underscores growing investor caution toward the oversupply risks currently facing the LNG sector. Indicatively, the orderbook-to-fleet ratio for LNG carriers now approaches 50%, signaling a stark imbalance that raises real concerns over future market pressures.
By contrast, the tanker segment exhibits more balanced fundamentals. With an orderbook-to-fleet ratio of 13.4%, tankers account for 24.3% of the global orderbook—levels broadly considered sustainable, particularly in view of the global imperative for fleet renewal and regulatory compliance.
Containerships also appear to be transitioning toward a more normalized growth trajectory. The segment’s orderbook-to-fleet ratio currently stands at 12.8%, with a 13.6% share of the global orderbook. These figures suggest that the sector is gradually reverting to more rational ordering patterns, following the hyperactivity observed in recent years.
On the other hand, the bulk carrier market continues to follow a more conservative path. The orderbook-to-fleet ratio sits at 10.4%, while bulkers make up 22% of total global orders. Owners appear to be adopting a wait-and-see approach, as they weigh the evolving dynamics of fleet supply.
Competitive Landscape
From a global perspective, China currently maintains a narrow lead over Greece, having recorded 69 newbuilding orders in the first four months of 2025. These represent 15.7% of global contracting volume—slightly up from 14.8% last year, albeit with a significantly lower ship count (down from 146 units). Chinese owners continue to show a preference for tankers, which constitute 52% of their orders, followed by bulkers at 13% and containerships at 16%. No new orders have been placed in the gas carrier segment.
Meanwhile, Japan marginally increased its orderbook with 23 new contracts, accounting for just 5.2% of global orders—a small rise compared to 4.8% in the same period of 2024, when 48 ships were ordered. Japanese ordering activity remains concentrated in bulk carriers (39%), followed by tankers (22%) and gas carriers (17.5%), with no new containership orders registered. Although Japan retains a relatively low share of global contracting, it continues to maintain a stable presence in traditional segments such as bulkers and gas carriers. This reflects its longstanding shipbuilding expertise and enduring relationships with quality-focused clients who continue to support high-standard projects.
In sum, while the overall pace of global contracting has slowed considerably in 2025, the Greek ship owning community is navigating this environment with strategic clarity, maintaining relevance and influence through targeted, long-term decisions rather than headline numbers.
Data Source: Allied