Newbuilding orders for bulk carriers fell to their lowest level in six years in 2025. A total of 396 ships were ordered.
Market and regulatory uncertainties have prevented many shipowners from placing new orders, according to the maritime consultancy Veson Nautical.
In the first half of 2025, 169 new bulkers were ordered, rising to 227 units in the following six months. Nevertheless, the total volume of orders remained below the level of previous years.
Veson Nautical explained: “The subdued order activity reflects the continued reluctance of owners – against a backdrop of uncertain macroeconomic conditions, subdued freight expectations and limited earnings visibility. Concerns about future environmental regulations and uncertainties regarding preferred fuel technologies continue to contribute to the reluctance to make newbuilding decisions.”
As shipyards have largely sold out their capacity for deliveries in 2027 and 2028 due to the strong demand for container ships and LNG carriers, newbuilding prices have risen. This is an additional deterrent for potential bulker buyers.
Veson Nautical continued: “Higher newbuilding prices remain a disincentive for potential buyers. Prices for 180,000 dwt Capesize vessels have reached their highest level in 16 years, rising 12% year-on-year to just over $75 million.”
Bulker newbuilding orders in 2025 were mainly focused on Panamax and small to mid-size units. Both the Handymax to Ultramax segment and the Panamax segment recorded 115 orders each. The Capesize and Handysize segments accounted for 96 and 70 orders respectively.
Chinese shipowners dominated the bulker orders in 2025 with 145 contracts, which corresponded to around 37% of all orders. The volume was therefore below the previous year’s figure of 190 units. The state-controlled group Cosco Shipping Bulk was responsible for 62% of these orders and placed orders for 89 ships.
Looking ahead, the expected ramp-up of iron ore exports from the Simandou mine in Guinea could provide additional structural support for demand for larger vessels. The project is expected to contribute significant volumes to the seaborne iron ore trade in the long term and promote the use of Capesize vessels on the route from West Africa to Asia.
