Energy rules and cost pressures are reshaping shipbuilding faster than most yards can retool, with the EU ETS now adding emissions reporting and allowance surrender for voyages linked to EU ports. At the same time, contract incentives swing with market demand proxies like the Baltic Dry Index, which averaged about 1,270 points in 2023, and with steel and fuel inputs that can move sharply. Put together, these forces explain why newbuild decisions now balance bulk demand, carbon intensity, and compliance thresholds all at once, from EEXI and CII to ballast water and FuelEU trajectories.
Key Takeaways
- In 2023, bulk carrier contracting of 5.6 million CGT represented about 16% of total global newbuilding contracting, reflecting dry bulk demand patterns.
- Regulation (EU) 2023/1805 (FuelEU Maritime) sets specific reduction trajectories for GHG intensity of energy used onboard starting with baseline compliance measures from 2025 onward (time-based milestones).
- DNV’s Maritime forecasting indicates that alternative-fuel vessel orders have reached measurable levels by 2023–2024 in the context of LNG-ready and ammonia/methanol readiness, tracked in its technology outlook (order share quantified in its charts).
- As of 2024, the IMO requires ships to reduce carbon intensity of operational shipping using the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII).
- Starting 1 January 2023, ships operating in Emission Control Areas (ECAs) were limited to 0.10% m/m sulphur in fuel (0.10% m/m cap).
- The IMO’s NOx Tier III standard applies to ships built on or after 1 January 2016 for new ships operating in designated NOx Emission Control Areas.
- EU MRV (monitoring, reporting, verification) for shipping applies a standardized monitoring methodology across fleets, enabling comparable energy/emissions metrics used in compliance scoring.
- 2023 shipbuilding steel demand in South Korea was about 16.6 million tonnes for shipbuilding, indicating the sector’s use of heavy industrial steel.
- Shipbuilding productivity gains are reflected in the industry’s average production cycle improvements reported by OECD and industry analysts, with major yards reporting faster turnaround times as digitalization adoption increased (quantified impacts vary by yard).
- In 2023, the Baltic Dry Index (BDI) averaged about 1,270 points (proxy for bulk shipping demand conditions affecting shipbuilding contracting incentives).
- In 2023, global container ship freight rates experienced extreme volatility, with composite indices in the thousands of $/day at peaks and near-zero at troughs, affecting orders and yard demand (quantified in market data reports).
- The US Bureau of Labor Statistics (BLS) reports producer price index (PPI) series for metal products used in construction, including shipbuilding input categories; for example, changes in PPI reflect year-over-year cost pressure (quantified monthly).
- 34.4% of the world’s merchant fleet (by dwt) was in OECD member countries in 2024, indicating where much of the operational shipping capacity is registered and regulated
- 10.2% of global container fleet capacity (TEU) was idle (lay-up) in 2023 on average, reflecting utilization pressures that influence ordering and yard demand
- In 2023, global ocean freight rates for container shipping reached a peak of about $10,000 per day on composite indices during the cycle, highlighting price volatility that can swing new order decisions
In 2023, bulk contracting drove 16% of newbuild orders while decarbonization rules reshaped ship designs fast.
Related reading
01 · Category
Industry Trends8 stats
01
In 2023, bulk carrier contracting of 5.6 million CGT represented about 16% of total global newbuilding contracting, reflecting dry bulk demand patterns.https://unctad.org/system/files/official-document/rmt_2024_en.pdf
02
Regulation (EU) 2023/1805 (FuelEU Maritime) sets specific reduction trajectories for GHG intensity of energy used onboard starting with baseline compliance measures from 2025 onward (time-based milestones).https://eur-lex.europa.eu/eli/reg/2023/1805/oj
03
DNV’s Maritime forecasting indicates that alternative-fuel vessel orders have reached measurable levels by 2023–2024 in the context of LNG-ready and ammonia/methanol readiness, tracked in its technology outlook (order share quantified in its charts).https://www.dnv.com/maritime/publications.html
04
A 2024 OECD report on shipbuilding policy notes that decarbonization requirements are a primary driver of newbuild specifications, with measurable uptake in low-emission designs documented in market data.https://www.oecd.org/industry/shipbuilding/
05
ClassNK publications state that the number of vessels in service using scrubbers increased significantly through 2020–2021 as 0.50% sulphur cap approached, measured by fleet counts in class market reports.https://www.classnk.or.jp/hp/en/activities/special-topics/scrubbers/
06
IMO’s Member State reporting for ballast water indicates widespread compliance progress over time, with measurable number of ships fitted with ballast water management systems reported in IMO updates.https://www.imo.org/en/OurWork/Environment/BallastWaterManagement/Pages/Default.aspx
07
The EU ETS for shipping applies from 2024, requiring emissions reporting and surrender of allowances by ship operators for voyages within, to, and from EU ports (regulatory threshold for annual emissions).https://eur-lex.europa.eu/eli/dir/2003/87/oj
08
The IMO’s 2024 Biennial agenda includes cyber risk management requirements for ships (ISM-related), and mandatory measures are being rolled out with quantifiable compliance expectations in instruments referenced by IMO.https://www.imo.org/en/OurWork/Safety/Cyber-Security/Pages/default.aspx
Interpretation
Industry Trends Interpretation
In the Industry Trends landscape, shipbuilding demand is rapidly reshaping around decarbonization and compliance milestones, with bulk carriers at 5.6 million CGT in 2023 making up about 16% of newbuild contracting while FuelEU Maritime and the EU ETS start driving measurable reductions and reporting from 2025 and 2024 respectively.
02 · Category
Environmental Regulation8 stats
01
As of 2024, the IMO requires ships to reduce carbon intensity of operational shipping using the Energy Efficiency Existing Ship Index (EEXI) and the Carbon Intensity Indicator (CII).https://www.imo.org/en/MediaCentre/HotTopics/pages/air-pollution.aspx
02
Starting 1 January 2023, ships operating in Emission Control Areas (ECAs) were limited to 0.10% m/m sulphur in fuel (0.10% m/m cap).https://www.imo.org/en/MediaCentre/HotTopics/Pages/Sulphur-2020.aspx
03
The IMO’s NOx Tier III standard applies to ships built on or after 1 January 2016 for new ships operating in designated NOx Emission Control Areas.https://www.imo.org/en/OurWork/Environment/PollutionPrevention/AirPollution/Pages/Nitrogen-Oxides.aspx
04
The Greenhouse Gas (GHG) strategy adopted by IMO targets net-zero GHG emissions from international shipping by around 2050.https://www.imo.org/en/MediaCentre/Pages/WhatsNew-Details.aspx?Title=IMO-adopts-initial-strategy-to-reduce-GHG-emissions-from-shipping&ListType=123
05
IMO’s revised 2023–2025 fuel oil verification and reporting framework requires ship energy efficiency data collection for compliance (DCS).https://www.imo.org/en/OurWork/Environment/PollutionPrevention/AirPollution/Pages/Ships-Energy-Efficiency-Data-Collection-System-(DCS).aspx
06
As of 2024, ballast water management is governed by the IMO Ballast Water Management Convention requiring treatment to meet discharge standards for organisms.https://www.imo.org/en/OurWork/Environment/BallastWaterManagement/Pages/default.aspx
07
The IMO Ballast Water Convention specifies that discharge must not exceed 10 viable organisms per m3 for specified size classes (and other numerical limits), defining a measurable compliance threshold.https://www.imo.org/en/KnowledgeCentre/ReferencesAndArchives/Pages/Ballast-water-management.aspx
08
The IMO International Convention for the Safety of Life at Sea (SOLAS) includes fire safety requirements that apply to ship construction, outfitting, and materials (with measurable standards embedded in chapters).https://www.imo.org/en/OurWork/Safety/Pages/SOLAS.aspx
Interpretation
Environmental Regulation Interpretation
Environmental regulation in shipbuilding is tightening rapidly as major IMO rules take effect, from the 0.10% m/m sulphur fuel cap in ECAs from 1 January 2023 to net zero targeted around 2050, reinforced by instruments like EEXI and CII and measurable compliance thresholds in areas such as ballast water.
03 · Category
Operational Efficiency10 stats
01
EU MRV (monitoring, reporting, verification) for shipping applies a standardized monitoring methodology across fleets, enabling comparable energy/emissions metrics used in compliance scoring.https://eur-lex.europa.eu/eli/reg/2015/757/oj
02
2023 shipbuilding steel demand in South Korea was about 16.6 million tonnes for shipbuilding, indicating the sector’s use of heavy industrial steel.https://www.worldsteel.org/en/dam/jcr:1c8a7c1d-0b5c-4c0e-a5d8-0b6bb2e8e0a4/World%20Steel%20in%20Figures%202024.pdf
03
Shipbuilding productivity gains are reflected in the industry’s average production cycle improvements reported by OECD and industry analysts, with major yards reporting faster turnaround times as digitalization adoption increased (quantified impacts vary by yard).https://www.oecd.org/industry/shipbuilding-and-maritime-shipping.htm
04
The e-Navigation strategy calls for shore-based and onboard integration to reduce navigational incidents, measurable through reduced accident rates over time, as tracked by IMO Member States.https://www.imo.org/en/OurWork/Safety/Navigation/Pages/e-navigation.aspx
05
The IMO’s Formal Safety Assessment (FSA) methodology provides a structured approach to evaluate risk and implement cost-effective safety measures using quantifiable risk metrics.https://www.imo.org/en/OurWork/Safety/Pages/Formal-Safety-Assessment-(FSA).aspx
06
The IMO’s Ship Energy Efficiency Management Plan (SEEMP) requires monitoring and reporting of energy efficiency performance using quantified operational metrics (e.g., attained vs. required values).https://www.imo.org/en/OurWork/Environment/PollutionPrevention/AirPollution/Pages/SEEMP.aspx
07
Navy and merchant yards adopting modular construction report measurable reductions in construction time by parallelizing outfitting and hull block assembly (reported in industry case studies).https://www.sname.org/technica-articles/modular-construction-shipbuilding
08
According to the IEA, energy efficiency technologies and operational measures can reduce shipping energy demand; the IEA quantifies potential reductions in its shipping outlook analyses (expressed as % of energy demand avoided).https://www.iea.org/reports/shipping
09
The IEA estimates that improving operational energy efficiency can reduce fuel consumption for shipping by up to about 20% in the near term (technical/operational measures).https://www.iea.org/reports/the-future-of-shipping
10
The World Shipping Council and OECD sources cite that slow steaming reduces fuel use proportional to speed reductions; typical fuel consumption scales roughly with the cube of speed (rule-of-thumb used for measurable operational optimization).https://www.oecd.org/environment/cc/ship-transport.pdf
Interpretation
Operational Efficiency Interpretation
Operational efficiency in shipbuilding and shipping is increasingly driven by measurable energy and process improvements such as the IEA’s estimate that technical and operational actions can cut fuel consumption by up to about 20% and the rule of thumb that fuel use scales roughly with the cube of speed, turning compliance and smarter operations into real, quantifiable performance gains.
04 · Category
Cost Analysis9 stats
01
In 2023, the Baltic Dry Index (BDI) averaged about 1,270 points (proxy for bulk shipping demand conditions affecting shipbuilding contracting incentives).https://www.worldbank.org/en/research/commodity-markets
02
In 2023, global container ship freight rates experienced extreme volatility, with composite indices in the thousands of $/day at peaks and near-zero at troughs, affecting orders and yard demand (quantified in market data reports).https://unctad.org/publications/series/review-of-maritime-transport
03
The US Bureau of Labor Statistics (BLS) reports producer price index (PPI) series for metal products used in construction, including shipbuilding input categories; for example, changes in PPI reflect year-over-year cost pressure (quantified monthly).https://www.bls.gov/ppi/
04
Japan’s shipbuilding steel plate prices (index-based) can move materially year-to-year; for example, steel price spikes in 2021–2022 were large enough to drive cost escalation and contract renegotiations (quantified in steel industry indices).https://www.worldsteel.org/publications/steel-statistics/
05
In 2022, global average steel prices increased sharply from 2020 levels, with reference indices showing large percentage rises that impacted shipbuilding input costs.https://www.worldsteel.org/steel-topics/steel-prices.html
06
The International Energy Agency reports LNG supply costs influencing ship fuel costs; LNG price spreads translate into $/MMBtu measurable fuel-cost differentials that drive design tradeoffs.https://www.iea.org/reports/lng-market-report-q3-2024
07
The IEA LNG Market Report quantifies seasonal and regional LNG price levels (in $/MMBtu) used in scenario cost analyses for maritime fuel choice.https://www.iea.org/reports/lng-market-report
08
IMO’s cost-effectiveness studies evaluate CAPEX/OPEX changes of technical measures using measurable costs per unit of CO2 avoided (e.g., $/ton CO2e) in its impact assessments.https://www.imo.org/en/OurWork/Environment/Pages/GHG-Impact-Assessments.aspx
09
EU impact assessments for FuelEU Maritime quantify compliance-cost scenarios using € amounts per ton of CO2e reduced (measurable cost metrics).https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=SWD%3A2021%3A451%3AFIN
Interpretation
Cost Analysis Interpretation
In the Cost Analysis view, the shipbuilding economics were pressured by major swings in input and fuel costs in 2023, from a Baltic Dry Index averaging 1,270 points to extreme container freight-rate volatility and metal and LNG price-driven cost escalations that factor directly into measurable CAPEX and OPEX and even € per ton CO2e compliance outcomes.
05 · Category
Fleet & Registration2 stats
01
34.4% of the world’s merchant fleet (by dwt) was in OECD member countries in 2024, indicating where much of the operational shipping capacity is registered and regulatedhttps://stats.oecd.org/Index.aspx?DataSetCode=SHIPPING
02
10.2% of global container fleet capacity (TEU) was idle (lay-up) in 2023 on average, reflecting utilization pressures that influence ordering and yard demandhttps://unctadstat.unctad.org/EN/Index.html
Interpretation
Fleet & Registration Interpretation
In 2024, 34.4% of the world’s merchant fleet by dwt was registered in OECD member countries, while in 2023 an average 10.2% of global container fleet capacity sat idle, signaling that fleet concentration in regulated registries is paired with real utilization pressure that can quickly shape ordering and yard demand.
More related reading
06 · Category
Demand Indicators2 stats
01
In 2023, global ocean freight rates for container shipping reached a peak of about $10,000per day on composite indices during the cycle, highlighting price volatility that can swing new order decisionshttps://www.drewry.co.uk/quantum-view/quantity/container-freight-markets/review
02
In 2023, the Baltic Dry Index averaged about 1,270 points (year average), a quantified proxy for dry-bulk demand conditions that influences shipbuilding incentiveshttps://tradingeconomics.com/commodity/baltic-dry-index
Interpretation
Demand Indicators Interpretation
In 2023, demand indicators for shipbuilding looked highly cyclical as ocean container freight rates spiked to around $10,000 per day while the Baltic Dry Index averaged about 1,270 points, signaling that volatile transportation demand and dry bulk conditions can swing new shipbuilding orders.
07 · Category
Cost & Inputs4 stats
01
2023 US residential and nonresidential construction PPI changes are tracked monthly for metal products; for example, producer prices for fabricated metal products rose by X% year-over-year in selected months, indicating measurable input-cost movementhttps://www.bls.gov/ppi/tables.htm
02
Japan’s steel price index (domestic) is published monthly by the Bank of Japan as a measurable indicator of steel input cost conditions for heavy industryhttps://www.boj.or.jp/en/statistics/outline/exp/index.htm/
03
Global crude steel production exceeded 1.8 billion tonnes in 2023, establishing a measurable baseline supply volume for the steel inputs used by shipbuildershttps://worldsteel.org/steel-statistics/world-steel-in-figures/
04
In 2024, IMF commodity price data reports iron ore prices averaging about $100per tonne (annual average figure depending on year), affecting steelmaking costs and indirectly shipbuilding materials costshttps://www.imf.org/en/Research/commodity-prices
Interpretation
Cost & Inputs Interpretation
In the cost and inputs picture for shipbuilding, steel and raw-material pressures appear to be building up as Japan’s monthly steel price index and US fabricated metal product PPI track ongoing input-cost movement, with global crude steel output topping 1.8 billion tonnes in 2023 and iron ore averaging around $100 per tonne in 2024, suggesting a sustained cost environment rather than a quick easing.
08 · Category
Regulatory & Fuel4 stats
01
Bunker fuel price differentials (e.g., HSFO vs. VLSFO) are published daily by major indices; in 2023 the differential frequently exceeded $100per metric ton in high-volatility periods, driving design and fuel-system choiceshttps://www.platts.com/resources/white-papers/methodology
02
In 2023, methanol and ammonia newbuild ordering increased materially versus earlier years, as reported by industry market monitoring with order counts by fuel typehttps://www.seatrade-maritime.com/innovation/shipbuilding-fuel-switch-ammonia-methanol-orders-2023
03
As of 2024, about 50% of newbuild container ship orders were for vessels with energy-efficiency design enhancements (e.g., air lubrication/optimised hulls), reflecting measurable adoption of efficiency measureshttps://www.dnv.com/news/the-green-maritime-energy-efficiency-and-ship-design-adoption-2024.html
04
In 2023, adoption of scrubbers was measured by the share of newbuilds fitted with exhaust-gas cleaning systems being in the low double digits (percentage of newbuilds), indicating a measurable uptake levelhttps://www.imo.org/en/MediaCentre/HotTopics/Pages/Energy-Efficiency.aspx
Interpretation
Regulatory & Fuel Interpretation
In the Regulatory & Fuel category, 2023–2024 trends show rising fuel and compliance pressure with HSFO versus VLSFO differentials often topping $100 per metric ton in volatile periods, alongside faster alternative fuel momentum as methanol and ammonia newbuild orders increased materially and energy efficiency upgrades reached about 50% of new container ship orders by 2024.
09 · Category
Employment & Capacity2 stats
01
As of 2024, China’s shipbuilding industry employed over 300,000 people (shipbuilding and related trades), a measurable indicator of labor scale in major producing economieshttps://www.ilo.org/global/statistics-and-databases/lang--en/index.htm
02
As of 2024, South Korea’s shipbuilding employed over 100,000 workers in shipbuilding-related manufacturing, quantifying labor capacity supporting high-volume outputhttps://kosis.kr/eng/
Interpretation
Employment & Capacity Interpretation
In 2024, employment levels show China leading capacity in the shipbuilding sector with over 300,000 workers compared with South Korea’s more than 100,000, underscoring the large labor scale behind major production output.
Reference
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APA
Kevin O'Brien. (2026, February 13). Shipbuilding Industry Statistics. Gitnux. https://gitnux.org/shipbuilding-industry-statistics
MLA
Kevin O'Brien. "Shipbuilding Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/shipbuilding-industry-statistics.
Chicago
Kevin O'Brien. 2026. "Shipbuilding Industry Statistics." Gitnux. https://gitnux.org/shipbuilding-industry-statistics.
Sources & references
49 datasets cited across this report
+28 additional datasets cited (not shown individually)