Global economic uncertainty and a cooling of the market has seen newbuild orders for dry-bulk vessels fall by 26% year-on-year according to Hongbeom Park, Head of Korea for global Veson Nautical, a global leader in maritime data and freight management solutions.
Speaking at Veson Nautical’s Seoul Forum, Park said uncertainty around the future of fuels, historically high newbuild prices and the price premium for dual-fuel vessels was driving the fall.
“The market is slowing in the newbuild sector and orders falling by over a quarter is a reflection of that,” Park said. “If the global uncertainty around tariffs does not ease the market could soften even further as the year progresses.”
Park also told delegates that second-hand market with values for Capesize, Panamax, Supramax and Handysize class vessels had also fallen in QI compared to the peak valuations witnessed 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%.
“The second-hand market for all dry-bulk vessels became extremely heated in 2024 which led to sharp price increases,” Park said. “Although the market is showing signs of slowing down there is still some upside potential in 2026.”
Veson’s Chief Product Officer, Eric Christofferson, was also speaking at the event and told delegates that the new advances in artificial intelligence (AI) are set to revolutionize the shipping industry, especially in key areas such as streamlining pre and post-fixture workflows, especially around the claims process.
“The South Korean shipping industry has been a global leader in developing and adopting new technologies and it is clear that it will be also leading from the front in terms of adopting AI and using it to drive efficiency and progress,” Christofferson said.
