Newbuildings regain their appeal in International Shipping News 25/02/2026 Adding new cargo-carrying capacity has become more popular again. Over the past five years an upwards trend in the world merchant ship fleet’s newbuilding orderbook has unfolded. Orders for bulk carriers, tankers, container ships, gas carriers and other ship types together have expanded greatly. What has driven this acceleration? A depressed newbuilding orderbook was recorded five years ago, when the world deadweight total for merchant ships fell to its lowest point since seventeen years earlier. At the end of 2020, the volume was equivalent to under 9% of the existing fleet. After the ordering growth seen in recent years, the end-2025 total doubled to 18% of a much larger existing fleet. But the pattern has not been uniform among segments over this period. Also, within each of the main ship type categories, there were large upwards and downwards variations in investors’ collective decisions on placing orders from year to year, amid changing perceptions about influences and future events. In 2025 after a huge upturn seen in the previous twelve months, moderating influences emerged and the annual total fell. Nevertheless, this volume still exceeded new vessels delivered from shipbuilders’ yards, resulting in fleet orderbooks continuing to rise as a percentage of the existing tonnage operating. Ordering enthusiasm Notable changes in investors’ attitudes have been reflected in the past five years’ ordering totals, within all the ship type categories. Especially vigorous activity has been seen in the container and gas carrier segments, although last year’s totals in both segments were well below the previous year’s volumes. Tanker ordering has revived in the past three years. In the bulk carrier segment activity fluctuated. Looking at these patterns in more detail, container ship orders, expressed in deadweight tonnes (dwt) for comparison although the twenty-foot-equivalent unit (or teu) is the usual measurement, have been remarkably high. Following an upsurge in 2021 orders receded over two years but then accelerated in 2024 and 2025, when 52m dwt and 54m dwt respectively was seen, according to calculations by Clarksons Research. Gas carrier (liquefied natural gas LNG and liquefied petroleum gas LPG) ordering has been another feature in the past five years. After an upsurge in 2021 and 2022, the inflow moderated before resurging to over 15m dwt in 2024. But last year’s volume saw an abrupt fall to a much lower 5m dwt. Newbuilding tanker orders have reflected a strong revival of interest in the past few years. After a an extended period when volumes were relatively modest, a further weakening to about 11m dwt was recorded in 2022. A dramatic turnaround in owners’ attitudes then unfolded, with annual totals of 38m, 61m and 42m dwt in the three years 2023 to 2025. Revived ordering of the biggest tankers in the very large crude carrier (vlcc) category has been particularly prominent in the past couple of years. Within the bulk carrier segment, activity has been more prosaic, albeit varying from year to year. After several years when annual newbuilding contracts volumes agreed were relatively subdued, the total surged in 2021 to 52m dwt and has averaged 49m dwt in the past four years, including an annual reduction from a recent peak of 63m dwt in 2024 to 44m dwt in 2025. The patterns observed have led to big differences among ship-type segments in the orderbook when calc