Global Shipyard Logbook July: New orders for major ship types improved but declined for gas carriers; China’s order market share reaches 85%

研报英文原文证据摘录

Global Shipyard Logbook July: New orders for major ship types improved but declined for gas carriers; China’s order market share reaches 85%

Equity Research

14 July 2026 | 5:48PM HKT

GLOBAL SHIPBUILDING

Global Shipyard Logbook July: New orders for major ship types

improved but declined for gas carriers; China’s order market share

reaches 85%

Herbert Lu

+852-2978-0726 | herbert.lu@gs.com

Goldman Sachs (Asia) L.L.C.

Simon Cheung, CFA

+852-2978-6102 |

simon.cheung@gs.com

Global new ship order volume showed some stablization in Jun-26 (-9% MoM) and Norihiro Miyazaki

was up +1% YoY, while new order value was -39% MoM/-9% YoY. Around 70% of +81(3)4587-9842norihiro.miyazaki@gs.com|

the MoM order value decline was attributable to lower offshore contracting, Goldman Sachs Japan Co., Ltd.

while the remainder was due to 60-70% MoM contraction of LPG and LNG Wing+852-2978-0415Huang | ying.huang@gs.com

carriers order volume, which we attribute to a slower new orders negotiation as the Goldman Sachs (Asia) L.L.C.

war increased uncertainty. Demand for other major ship types improved, with the Ryohei Kurita

+81(3)4587-1799 |

aggregate of volume/ value for containers, tankers and bulkers +22%/+14% MoM, ryohei.kurita@gs.com

Goldman Sachs Japan Co., Ltd.

and Chinese shipyards have dominant market share in these three ship types. As a

result, together with faster capacity expansion vs. peers (see our trip takeaway),

Chinese shipyards strengthened their market share to 85% in Jun-26.

Among our covered shipbuilders, Yangzijiang and Hengli’s order momentum both

improved in Jun-26. Yangzijiang Shipbuilding won four 1.9k-TEU containerships and

2 LPG orders during Jun-26, new-order win momentum improved vs. Apr-May, but