Dry-bulk vessel order book falls 26% in Q1

Blame it on economic uncertainty and market cooling.

Global orders for dry-bulk vessels fell by 26% in the first quarter (Q1) due to uncertainty on the future of fuels, historically high newbuild prices, and the price premium for dual-fuel vessels.

“The market is slowing in the newbuild sector and orders falling by over a quarter is a reflection of that,” said Hongbeom Park, head of Korea for global Veson Nautical.

“If the global uncertainty around tariffs does not ease the market could soften even further as the year progresses,” he added.

Park said the second-hand market with values for Capesize, Panamax, Supramax and Handysize class vessels had also fallen in Q1 versus peak valuations in the third quarter of 2024. Five-year-old Capesize vessels fell by 11% in Q1, with Panamax falling 12% and both Supramax and Handysize falling by 9%.

“Although the market is showing signs of slowing down there is still some upside potential in 2026,” Park said.

Looking ahead, Veson Chief Product Officer Eric Christofferson noted the new advances in artificial intelligence are set to revolutionise the shipping industry, especially in key areas such as streamlining pre and post-fixture workflows, especially around the claims process.