Global ship orders rise 27%, but Turkish shipyards face decline due to costs and financing issues.
The global ship order book has grown by 27% in the last year, reaching the fastest growth rate since before the 2008 crisis. In just the first seven months of 2026, shipowners signed new construction contracts for 1,947 vessels totaling 105.7 million gross tons (GT). While capacities in global shipyards are filling up, Turkish shipyards' order books are rapidly depleting due to rising costs, a suppressed exchange rate, and issues accessing financing.
As geopolitical risks increase, freight rates in maritime transport are rising rapidly, and the accumulated workload of shipyards has also reached historic levels. According to the latest data from Clarksons Research, the growth pace of the global order book has reached its highest level since the 2008 financial crisis.
Turkish shipyards are struggling to secure new orders as they fall behind in competition due to rising costs and a suppressed exchange rate. The leading export shipyard has not received new orders for a year, and there are companies that have not signed any contracts for two years. According to Clarksons Research data, the global trade fleet reached 117,022 vessels with a size of 1.8 billion GT at the beginning of August, marking a 4% increase year-on-year. Meanwhile, the order book is expanding at a pace nearly seven times that of the current fleet's growth rate.
Currently, there are a total of 9,012 vessels in the order phase, with a total size of 405.9 million GT. The order book has expanded by 27% in gross tonnage over the past 12 months. In the first seven months of 2026, shipowners signed contracts for 1,947 vessels totaling 105.7 million GT. Clarksons highlights that the appetite for new builds remains strong across all major ship segments. This year, Greek shipowners have been the most aggressive in new tonnage investments, followed by Chinese and Singaporean shipowners. Turkish shipowners have also drawn attention with their large-tonnage ship orders to Far Eastern shipyards.
Tankers generated the most profit.
Disruptions in the Red Sea and the Strait of Hormuz, sanctions, and increasingly fragmented trade flows are raising ton-mile distances while effectively pulling capacity out of multiple maritime sectors. This situation is increasing ship demand while rapidly pushing freight rates upwards. The container freight market continues its upward trend; the Drewry World Container Index (WCI) has risen by approximately 80% over the last eight months, reaching $4,526.
The Baltic Dry Index (BDI) has reached 2,284 points, marking a 53% increase since January. The strongest increase in freight rates has occurred in the tanker market, with tanker freight rates rising by over 100% in the past year. Particularly low transit levels in the Strait of Hormuz and the Red Sea have pushed the daily earnings of Very Large Crude Carriers (VLCCs) to their highest levels since early March, with earnings reaching $95,192 per day, a weekly increase of 19%. A significant portion of fleet investments stems from the need for renewal due to aging vessels, while uncertainties regarding future fuel and emission requirements are also supporting new build investments.
Turkish shipyards' ship exports shrank by 37% in July.
Chinese shipyards take the lead in ship orders, while shipyards in other Far Eastern countries have also captured a significant share of the market. Until recently, Turkish shipyards, which were among the world leaders in the construction of specialized vessels, are facing great difficulties in securing new orders. Due to the deliveries of orders received in previous years, the shipbuilding sector closed the first half of this year with a record export of $1.5 billion, but slowed down in July, decreasing by 36.8% compared to the same period last year, falling to $166 million.
M. Talha Pepe, Chairman of the Ship, Yacht, and Services Exporters Association (GYHİB), noted that the increase in exports in the first half was particularly influenced by the delivery of specialized vessels and tugboats to Northern European countries, while stating that they are struggling to secure new orders. Pepe said, 'A significant portion of the performance in the first half is due to the deliveries of contracts signed 2-3 years ago. Due to rising costs, a suppressed exchange rate, and difficulties in accessing financing, new orders in the sector have largely decreased.'
Source: Aysel Yücel / Dünya
Source: SeaNews Türkiye
