Global ship order book hits 17-year high in Q1 2026

Tankers account for 32% of orders.

The global shipping order book reached 191 million compensated gross tonnes (CGT) by the end of Q1 2026, its highest level in 17 years, according to BIMCO. This equals 17% of the global fleet—the highest ratio since 2011.

“The order book has been boosted by higher newbuilding contracting throughout the 2020s and most recently by the highest quarterly crude tanker contracting in history,” said Filipe Gouveia, shipping analysis manager at BIMCO.

Newbuilding contracting rose 40% year-on-year to 17.6m CGT, driven mainly by a surge in tanker orders and a recovery in LNG carrier contracting.

Tankers made up 32% of total contracting, the highest share since 2017. However, overall contracting fell 17% quarter-on-quarter due to weaker dry bulk orders after a strong Q4 2025.

Despite short-term volatility, contracting activity in the 2020s is 47% above the 2010s average, supported by fleet growth and renewal demand.

“This has contributed to an increase in newbuilding prices and longer lead times at shipyards, with 57% of contracting so far this year expected to be delivered after 2028,” noted Gouveia.

Order book-to-fleet ratios are elevated across key segments: 22% for crude tankers, 19% for product tankers, 37% for container ships, and 40% for LNG carriers. Aging tanker fleets are a key driver of replacement demand, with 21% of crude tankers and 17% of product tankers over 20 years old.

China dominated shipbuilding with 70% of new orders, followed by South Korea at 20%. Japan’s share fell sharply to 1%, its lowest level since 1996.

BIMCO warned that large order books, high shipyard costs, long lead times, and geopolitical uncertainty could slow future contracting.

“In the medium term, the already swelling order books across several large shipping sectors could contribute to a slowdown in newbuilding contracting,” Gouveia said. “Long lead times at shipyards and high newbuilding prices, combined with high market uncertainty concerning the Red Sea and the Strait of Hormuz sailings and alternative fuel availability, could also negatively affect contracting.”