Market Commentary:

Chinese shipyards remain firmly at the center of the global newbuilding landscape, capturing the lion’s share of both bulker and tanker contracts. Out of 1,375 bulk carrier orders worldwide, 939 are placed in Chinese yards—equivalent to 68% of the total—while in tankers, 827 out of 1,203 newbuildings (69%) are Chinese-built. This dominance reflects not only China’s unmatched shipyard capacity and price competitiveness, but also the nation’s strategic focus on maintaining control over its maritime supply chains.

Within this framework, Chinese owners themselves are the most active domestic clients. They account for 377 bulker orders, led overwhelmingly by Ultramaxes (110 units) and Kamsarmaxes (130 units), which together represent nearly two-thirds of their total dry orders. The Handysize and Small Bulker categories, with 41 and 23 vessels respectively, show continued interest in coastal and regional trade efficiency, while the 18 VLOC and 29 Newcastlemax orders confirm that Chinese investors are also renewing tonnage for long-haul iron ore routes from Australia and Brazil. By contrast, the Panamax and Post-Panamax classes remain marginal, highlighting a distinct two-tier focus—smaller, flexible ships for domestic and Asian trades on one end, and massive tonnage for raw-material imports on the other. Japanese owners, long known for their conservative but quality-driven ordering behavior, also appear increasingly comfortable placing business in China. They have 96 bulkers on order in Chinese yards, dominated by Ultramaxes and Kamsarmaxes with 35 units each, followed by 16 Handysizes and 10 Newcastlemaxes. This pattern mirrors their traditional specialization in geared mid-sized bulkers, while also revealing a quiet but steady pivot toward Chinese yards as Japanese capacity remains tight and costs high. For both nations, the Ultramax/Kamsarmax corridor remains the core battlefield of competitiveness, representing roughly 470 vessels—half of all bulker newbuildings in China.

Turning to tankers, the landscape is equally telling. Out of the 827 tanker orders placed in Chinese yards, Chinese owners themselves are behind the 200, with activity spanning every major size. The backbone of their program lies in smaller ships—98 Small Tankers and 51 MR2s—reflecting strong demand from regional product trades and China’s expanding independent refinery network. Yet the 21 Aframax/LR2s and 15 VLCCs on order underline the ambition of Chinese energy players to strengthen their long-haul crude logistics under domestic control. Japanese orders in Chinese tanker yards are very low. They only count 13 tankers—including 5 VLCCs and 4 MR2s—suggesting a preference for top-end and globally tradable designs where delivery timing and cost advantages outweigh national yard loyalty. This is consistent with Japan’s gradual adaptation to Chinese quality standards and its recognition of China’s competitive edge in large crude carriers.

China’s dominance in shipbuilding—holding over two-thirds of global bulker and tanker orders—highlights its dual identity as both the world’s top builder and an increasingly influential owner base. The concentration of orders in mid-sized bulkers and product tankers reflects a pursuit of flexibility, financing efficiency, and environmental compliance. At the same time, Japanese owners are slowly acknowledging the progress made by Chinese yards, increasingly placing orders there. While Japan still defines quality and precision, China has become the driving force of global output. Together, their growing cooperation signals a new era of industrial alignment shaping the next wave of fleet renewal.

S&P Activity:

Dry:

Activity picked up in the Dry segment as this week was one of the busiest ones in 2025 Chinese buyers acquired the Post Panamax “Taihakusan” – 93K/2009 Namura for USD 12.5 mills, while Greek interests purchased the Kamsarmax “New Ascent” – 82K/2012 Tsuneishi for USD 19.9 mills. Newbuilding resales also appeared in the market, with the Ultramax “Ju Shi Yuan Yang” – 63K/2027 Yizheng Yangzi reportedly sold for USD 32 mills to undisclosed buyers. In the Supramax segment, the “Anemos” – 58K/2011 SPP fetched USD 15.5 mills and the “Eternity SW” – 58K/2011 Tsuneishi Cebu achieved high USD 15 mills, both to Chinese buyers. The “TM Hai Ha 988” – 53K/2011 Nam Trieu was sold to Vietnamese interests for USD 9 mills, while the “Ince Fortune” – 57K/2010 STX Dalian went to undisclosed buyers for USD 12.75 mills. Among older Supramaxes, the “Mandarin Eagle” – 56K/2008 Jiangsu Hantong changed hands for USD 10.5 mills. In the Handy sector, the Japanese-built “Sider Onda” – 40K/2015 Naikai was sold for USD 21 mills, while the “Yangtze Nova” – 47K/2013 Jiangsu Eastern (Ice Class II) achieved USD 11.85 mills. On the smaller Handy side, the “Spring Breeze” – 36K/2012 Shikoku was reported sold to Greek buyers for low USD 13 mills, the “Yangtze Flourish” – 32K/2012 JNS obtained USD 9.8 mills, and the “Pacific Ocean” – 36K/2011 Samjin fetched USD 10.5 mills. Finally, the “Isolda D” – 34K/2011 Zhejiang Jingang was sold for USD 10.4 mills to undisclosed buyers, while the “Chamchuri Naree” – 33K/2005 Shin Kochi was acquired by Turkish buyers for USD 8.25 mills .

Wet:

The tanker S&P market remained active as this week was one of the busiest of 2025, dominated by MR2 sales and a series of newbuilding resales. The Scrubber fitted LR2 “Platanos” – 115K/2019 Namura was sold for USD 66.5 mills to clients of Tankerska Plovidba. In the LR1 range, Chinese buyers acquired the “Amalia” – 74K/2006 New Century for USD 11.5 mills. In the MR2 segment, Scorpio Tankers expanded its fleet by acquiring four newbuilding resales from Jingjiang Nanyang — the “Jingjiang Nanyang YZJF2024-001”, “Jingjiang Nanyang YZJF2024-002”, “Jingjiang Nanyang YZJF2024-003” all 49.8K/2026 and the “Jingjiang Nanyang YZJF2024-004”  49.8K/2027 — for USD 45 mills each. Additionally, the “Amfitrion” – 50K/2017 Samsung Ningbo fetched excess USD 34 mills. Among modern Korean-built tonnage, Euroholdings purchased the “Hellas Avatar” – 50K/2015 HMD for high USD 31 mills, while Torm acquired four sister vessels — the “STI Battery”, “STI Milwaukee”, “STI Venere”, and “STI Yorkville” – 50K/2014 HMD — for USD 32 mills each. Finally, the Stainless-Steel “Bristol Trader” – 36K/2016 Shin Kurushima was reported sold for USD 39 mills, and the smaller “Golden Ray” – 20K/2012 Kitanihon changed hands to PV Transportation for USD 23 mills.