# Global shipyards’ backlog of orders increased by 13%, and China’s leading position was further consolidated
**Issue**: Baltic International Chamber of Shipping (BIMCO)
**Column**: Shipping number of the week (weekly number)
**Published**: October 21, 2026
**Author**: Niels Rasmussen, Chief Shipping Analyst, BIMCO
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## Original text (full text in English)
"On 1 September 2026, the global shipyard order book reached an estimated 203.2m Compensated Gross Tonnage (CGT), up 13% from 180.0m CGT a year earlier," says Niels Rasmussen, Chief Shipping Analyst at BIMCO.
This is slightly below the all-time high of 210.4m CGT reached in May but remains above the previous record of 195.4m CGT from 2008.
Much of the growth has been captured by Chinese shipyards, who secured 74% of the CGT contracted during the past year. This has further strengthened China's position as the world's largest shipbuilding nation. Chinese shipyards now hold 64% of the global order book while South Korean shipyards hold 19% and Japanese 6%.
China's dominance extends across the major cargo-carrying ship sectors. Its shipyards hold more than 72% of the order book in each of the six main sectors: container, tanker, gas tanker, dry bulk, other dry cargo and RoRo. Combined, these sectors account for 88% of the global order book. Their yards' largest share is in the container ship segment, with 81% of the order book.
"Container ships dominate both the order book and its growth over the past 12 months. They account for 30% of CGT on order and 68% of the increase during the past year," says Rasmussen.
Additionally, Chinese shipyards currently have better capacity coverage than their South Korean and Japanese competitors. If each shipyard's current capacity is assumed to equal its highest annual CGT output during 2021–2025, Chinese shipyards hold orders equivalent to an average of 4.2 years of capacity. The corresponding figures for South Korean and Japanese yards are 1.9 and 1.7 years.
Combined deliveries from China, South Korea and Japan peaked at 40.1m CGT in 2025, but 55.9m CGT and 60.0m CGT are currently scheduled for delivery in 2027 and 2028. Chinese yards, in particular, will have to raise output to manage the scheduled deliveries.
Current capacity could therefore be assumed to equal the highest annual CGT delivered or scheduled for delivery during 2021–2030. In that case, average coverage falls to 2.1 years for Chinese shipyards and 1.6 years for both South Korean and Japanese shipyards.
"China has further strengthened its position as the world's leading shipbuilding nation, but its shipyards must raise annual output to new record highs in order to deliver. Chinese yards are scheduled to deliver a record 44.0m CGT in 2028, nearly twice the 22.7m CGT delivered in 2025. The capacity expansion needed to achieve this could increase the risk of underutilisation if contracting weakens in the future," says Rasmussen.
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## Chinese translation
"On September 1, 2026, global shipyards' backlog of orders reached approximately 203.2 million corrected gross tonnage (CGT), an increase of 13% from 180 million CGT a year ago." Niels Rasmussen, chief shipping analyst at BIMCO, said.
This level is slightly lower than the historical peak of 210.4 million CGT set in May, but still higher than the old record of 195.4 million CGT in 2008.
Most of the increase has been captured by Chinese shipyards - Chinese shipyards accounted for 74% of the CGT signed globally in the past year, further consolidating its position as the world's largest shipbuilding country. Chinese shipyards currently hold 64% of the world's on-hand orders, South Korea 19%, and Japan 6%.
China's dominance spans major cargo ship types. In the six major segments of container ships, oil tankers, gas carriers, dry bulk carriers, other dry cargo ships and ro-ro ships, Chinese shipyards' order book holdings account for more than 72%. These six segments together account for 88% of the world's order book holdings. The highest share is container ships, with China accounting for 81%.
“Container ships dominate both the orderbook and its growth over the past year: they account for 30% of orderbook CGT and contributed 68% of the increase over the past year,” Rasmussen said.
In addition, the current production capacity coverage of Chinese shipyards is better than that of South Korean and Japanese competitors. If the current production capacity of each shipyard is regarded as its maximum annual CGT output from 2021 to 2025, Chinese shipyards' backlog of orders is equivalent to an average of 4.2 years of production capacity; South Korea and Japan are 1.9 years and 1.7 years respectively.
The total delivery volume of China, South Korea and Japan will reach a peak of 40.1 million CGT in 2025, but the current deliveries scheduled for **2027 and 2028** are 55.9 million CGT and 60 million CGT respectively. Chinese shipyards in particular need to increase output to complete scheduled deliveries.
If the current production capacity is regarded as the highest annual CGT for actual delivery or planned delivery between 2021 and 2030, the average coverage period drops to 2.1 years in China, and 1.6 years in both South Korea and Japan.
"China has further consolidated its position as the world's largest shipbuilder, but its shipyards must increase annual output to a record high to complete deliveries. Chinese shipyards are scheduled to deliver a record 44 million CGT in 2028, nearly double the 22.7 million CGT in 2025. The capacity expansion required to achieve this goal may increase the risk of idle capacity if new ship signings weaken in the future." Rasmussen said.
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Attached: Key data and sources (Added by the organizer, not the original content)
Note: The following data are all taken from the above-mentioned BIMCO original text, compiled on 2026-11-03. The original text is exclusive to BIMCO members, and only the first paragraph is made public on the official website; the full text of this article is taken from a public reprint of Hellenic Shipping News Worldwide on 2026-10-23, and the source of the reprint page is marked as BIMCO. When citing, please indicate "Reprinted by Hellenic Shipping News".
1. Global order backlog (as of September 1, 2026)
· 203.2 million CGT, +13% year-on-year (180 million CGT in the same period last year).
· Historical peak 210.4 million CGT (May 2026).
· Previous record 195.4 million CGT (2008).
2. Market share (by CGT)
· New orders received (past 12 months): China 74%.
· Orders on hand: China 64%, South Korea 19%, Japan 6%.
· The six major cargo ship types in China all account for >72%: containers 81%, and the rest are oil tankers, gas carriers, dry bulk carriers, other dry cargo ships, and ro-ro ships.
· The six major sectors together account for 88% of global orders on hand.
· Container ships accounted for 30% of CGT’s orderbook and contributed 68% of the increase over the past year.
3. Capacity coverage (two calibers, the conclusions are twice as different)
· Caliber 1, production capacity = 2021-2025 maximum annual production: China 4.2 years, South Korea 1.9 years, Japan 1.7 years.
· Caliber 2, production capacity = 2021-2030 highest actual or planned delivery volume: China 2.1 years, South Korea 1.6 years, Japan 1.6 years.
4. Delivery arrangements (CGT)
· Total actual delivery in the three countries in 2025: 40.1 million (peak).
· 2027 scheduled delivery: 55.9 million.
· 2028 scheduled delivery: 60 million.
· China 2025 actual delivery: 22.7 million; 2028 schedule: 44 million (approximately 1.94x of 2025).
References (GB/T 7714—2015)
[1] RASMUSSEN N. Global shipyard order book grows 13%, strengthening China's lead[EB/OL]. BIMCO, Shipping number of the week, (2026-10-21)[2026-11-03]. https://www.bimco.org/news-insights/market-analysis/shipping-number-of-the-week/2026/1021-snow/.
[2] Hellenic Shipping News Worldwide. Global shipyard order book grows 13%, strengthening China's lead[EB/OL]. (2026-10-23)[2026-11-03]. https://www.hellenicshippingnews.com/global-shipyard-order-book-grows-13-strengthening-chinas-lead/.
Use reminder
· 1. The original text is member-only content. Only the first paragraph (up to "up 13% from 180.0m CGT a year earlier") can be seen on the official website. The full text of this article is archived for research purposes. The source is a public reprint page and is crawled without logging in.
· Second, there is a year misalignment in the second-hand Chinese version: a Chinese public account version said "55.9 million CGT is planned to be delivered in 2026", while the original text is "55.9 million and 60 million are scheduled for 2027 and 2028 respectively". The one-year difference directly affects the judgment of the production capacity gap. For details, see the in-depth study "4.2 years or 2.1 years".
· Third, the two "production capacity in several years" cannot be juxtaposed. The denominators are "historical maximum production" and "future planned delivery volume". The latter is naturally larger and therefore shorter. Taking this as evidence of "more relaxed production capacity" will lead to the opposite conclusion.