The week in charts: China dominates global shipbuilding | Crimea caller sails for Libya in Russian power play | Panamax and supramax rates at multi-year lows
Lloyd’s List’s weekly showing of the data and figures behind our news, analysis and markets coverage
Data shows seven of the top 10 shipyards by order volumes globally are in China; a bulk carrier heads to the Libyan port of Misurata after loading in occupied Feodosia, as bulker, tanker; box rates slump
SEVEN out of the top 10 individual shipyards globally are based in China, underscoring the country’s dominance in shipbuilding that is difficult to shake, reported APAC editor Cichen Shen.
The ranking is based on Clarksons’ data and measured by the volume of new orders received in 2024.
Two of the top three are Chinese privately owned players. Jiangsu’s New Times Shipbuilding tops the list with 4.6m cgt, while New Yangzijiang, which is also based in Jiangsu and part of Singapore-listed Yangzijiang Shipbuilding, places third with 3.4m cgt.
According to the latest data from China’s Ministry of Industry and Information Technology, Chinese yards accounted for 55.4% and 68.2% of global orderbook backlog and 2024 new orders in cgt terms, respectively.
Crimea caller sails for Libya in Russian power play
In a stark departure from normal trading patterns a member of Russia’s Crimea-calling fleet is sailing directly for Libya in what experts say is a nuanced decision designed to both offload cargo shipped from an occupied port and further Russia’s foreign policy objectives, wrote maritime risk analyst Bridget Diakun.
Comoros-flagged, 14,339 dwt bulk carrier Damas Wave (IMO: 8915299) loaded in the sanctioned port of Feodosia, located in occupied Crimea, in early January.
Damas Wave is sailing towards Libya signalling Misurata as its destination.
If the vessel unloads, it will be the first time a ship has been tracked delivering cargo directly from occupied Crimea.
Panamax and supramax rates at multi-year lows as bulker slump worsens
The pitch from dry bulk executives last year was that seasonality had fundamentally changed. Going forward, the first quarter would not be as abysmal as it usually is because weakness in Brazilian coal would be offset by strength in Guinean bauxite.
In 2025, the first quarter is as abysmal as it usually is, reported US senior maritime reporter Greg Miller.
The Baltic Exchange C5TC capesize index was at $10,252 per day on January 22, down 42% year on year. The panamax P5TC index was at $7,585 per day, down 49% year on year to its lowest level since February 2023. The supramax S10TC index had fallen to $6,480 per day, down 44% year on year to its lowest level since February 2020.
Frosty temperatures send chill through VLGC freight market
It has been very cold in much of the US over the past few weeks. The US Gulf coast, where much of the US export capacity for liquefied petroleum gas lies, even experienced a rare snowstorm. As expected, this has sent shivers through the very large gas carrier freight market, reported US-based senior reporter Tomer Raanan.
The Baltic Exchange BLPG Index, an average of assessed time charter equivalent earnings on the three main VLGC trade routes divided by 10, dropped by 12.9% last week through Thursday (January 23), but rebounded slightly when the market closed Friday, registering a 1% gain from the day prior, to close down 12.1% for the week.
Box rates still sinking as sentiment worsens after Houthi pledge
Market momentum flips quickly in ocean shipping. Container lines ended 2024 riding high. Just a few weeks later, spot rates are sinking and the medium-term outlook has dimmed, reported Greg Miller at the tail end of last week.
Spot rates declined across every major trade lane this week, as the market entered the seasonal Chinese New Year lull. The Shanghai Containerised Freight Index dropped 4% versus the prior week. The Drewry World Container Index sank 11%.
Sentiment for full-year 2025 has weakened, courtesy of the Houthis’ announced halt to attacks on non-Israeli vessels. This has increased the chances that container lines will shift back to the shorter Suez route at some point this year.
Number of ships using LNG up 33% in 2024
SEA-LNG has welcomed a 33% growth in ships using liquefied natural gas as a fuel in 2024, with 638 ships in operation worldwide, reported multimedia editor Declan Bush.
The gas lobby group said 1,200 ships are expected to be running on LNG by the end of 2028. The fuel makes up 70% of alternative fuel orders, up from 43% in 2023.