GTHT Securities released a research report stating that the global shipbuilding market continued its high activity in March, with prices for new and second-hand vessels generally stable with a slight upward trend. Hengli Heavy Industry achieved record highs in both orders received and vessels delivered in the first quarter, with a significant increase in tanker orders and continued breakthroughs with leading Greek shipowner clients. China's first commercially delivered ammonia-fueled marine engine was successfully handed over, filling a gap in the application of zero-carbon marine power domestically. The main views of GTHT Securities are as follows:
The global shipbuilding market sustained high activity in March, with overall stable and slightly rising prices for new and second-hand vessels. The global new vessel price index for March was 182.07 points, down 2.86% year-on-year but up 0.04% month-on-month. Specifically, new tanker prices increased by 1.13% month-on-month, bulk carrier prices remained flat, container ship prices rose by 0.01%, and gas carrier prices were unchanged. The second-hand vessel price index reached 203.81 points, up 15.48% year-on-year and 1.46% month-on-month. Prices for 5-year-old and 10-year-old second-hand vessels increased by 2.13% and 1.91% month-on-month, respectively. On the cost side, China's comprehensive steel price index stood at 92.30 points, down 2.70% year-on-year but up 1.90% month-on-month. From a demand perspective, the global value of new orders from January to March reached $52.30692 billion, an increase of 38.21% year-on-year. The tonnage of new orders and deliveries rose by 40.26% and 2% year-on-year, respectively. China's new order and delivery tonnage surged by 91.14% and 33.63% year-on-year, corresponding to global market shares of 70.50% and 56.21%, respectively.
Hengli Heavy Industry set a record with 108 new orders in the first quarter, showing a significant increase in tanker orders and continued breakthroughs with Greek shipowner clients. According to the company's announcement, Hengli Heavy Industry secured 108 new shipbuilding orders and delivered 14 vessels in the first quarter of 2026, both marking the best performance for the same period in history. The company's order intake and delivery capabilities continue to improve. In terms of order structure, the focus on high-value-added and tanker vessels has strengthened further. Tanker orders totaled 76 vessels, including 54 VLCCs, 18 Suezmax tankers, and 4 LR2 product tankers, accelerating the realization of competitive advantages in the tanker sector. Regarding client structure, the company has achieved significant progress in the Greek market, with Dynacom's orders under construction and in hand reaching 43 vessels and Capital's newbuilding projects totaling 30 vessels. Leading international shipowners' recognition of the company's construction capability, delivery performance, and brand continues to grow.
High-value-added vessel types are being delivered intensively, with breakthroughs in green power technology and the continued placement of large orders. Key vessel construction milestones progressed smoothly. On March 20, the second domestically built large cruise ship, "Aida Flower City," was successfully undocked, marking China's initial capability for精益化 and efficient independent construction of large cruise ships. On March 25, Dalian Shipbuilding Industry independently developed and delivered the first 307,000 dwt VLCC, three months ahead of schedule. Zero-carbon power filled a domestic gap, leading major shipowners to increase environmentally friendly orders. On March 16, China's first commercially delivered ammonia-fueled marine engine was successfully handed over, filling the application void in domestic zero-carbon marine power. Regarding new orders, on March 30, China Merchants Energy Shipping announced an order for 10 VLCCs with dual-fuel ready designs from Dalian Shipbuilding, with a total contract value of approximately 8.566 billion yuan.
Risk warnings include fluctuations in raw material prices, trade friction risks, and volatility in new vessel orders.
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