Source: Mysteel
Global shipbuilding orders have reached a new record high, driven by surging demand for green and low-emission vessels as shipping lines accelerate fleet renewal to meet stricter international environmental regulations. Chinese shipyards are capturing an increasingly large share of these orders, reinforcing China's position as the world's leading shipbuilding nation.
According to industry data, orders for vessels powered by alternative fuels such as liquefied natural gas, methanol, and ammonia have climbed sharply in 2026, as the International Maritime Organization's emission reduction targets push shipowners toward cleaner technologies. The shift toward green shipbuilding is generating strong demand for specialized steel grades, including high-strength plate steel and corrosion-resistant alloys required for fuel storage and transport systems.
Chinese shipbuilders have been particularly successful in securing orders for dual-fuel and new-fuel vessel designs, benefiting from competitive pricing, advanced production capabilities, and strong domestic supply chains for steel materials. The order backlog at major Chinese yards now extends well into the next decade, providing long-term visibility for steel plate demand.
The shipbuilding boom is providing a bright spot for steel plate producers at a time when construction and infrastructure demand in some regions is softening. Industry analysts estimate that each large commercial vessel requires several thousand tonnes of steel plate, with green-fuel vessels typically requiring even higher steel intensity due to additional storage and containment systems.
Both oil tanker and bulk carrier markets are experiencing strong ordering activity, with shipowners reporting robust freight rates and expectations of continued demand for energy and commodity transport. This dual strength in tanker and dry bulk segments is sustaining yard utilization rates at elevated levels and supporting a multi-year pipeline of steel plate orders for the shipbuilding sector.
