Dry Bulk Ship Orders Down 26% as Economic Uncertainty Looms

by Ship & Bunker News Team
Thursday April 17, 2025

Newbuild orders for dry bulk vessels dropped 26% year-on-year in the first quarter of 2025, as global economic uncertainty and market normalisation take hold, according to freight management firm Veson Nautical.

A combination of factors is driving the slowdown, including elevated newbuild prices, the cost premium for dual-fuel vessels, and lingering questions over future fuel technologies and regulations, Hongbeom Park, head of Korea at Veson Nautical, said at the Veson Nautical Forum in Seoul.

"The market is slowing in the newbuild sector, and orders falling by over a quarter is a reflection of that, Park told delegates.

"If the global uncertainty around tariffs does not ease, the market could soften even further as the year progresses."

Park added that the second-hand market has also cooled, with average vessel valuations dipping across all major dry bulk segments in Q1 2025 compared to their peaks in Q3 2024.

Capesize values for five-year-old vessels fell by 11%, Panamax by 12%, while Supramax and Handysize classes both declined by 9%.

Eric Christofferson, chief product officer of Veson, also addressed the forum, highlighting how advances in artificial intelligence (AI) are poised to transform shipping operations, particularly in optimising pre- and post-fixture workflows, including the claims process.

Ship & Bunker News Team
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