Key trends reshaping shipping and shipbuilding as SMM 2026 opens
The global shipbuilding and marine equipment sectors are gearing up for SMM 2026, set to take place in Hamburg from 1-4 September. As the industry looks towards this event, there is a strong sense of momentum across various aspects, including newbuilding demand, shipping markets, and shipyard activity.
Newbuilding Orderbook Surges Ahead
Analysis by Stephen Gordon, published by Clarkson Research Services, reveals that the global newbuilding orderbook has seen a significant boost, increasing by 33% since the previous SMM in 2024. The orderbook now stands at around 405.4 million gross tonnes, with a total value of $666 billion. This surge in orders has led to an average shipyard backlog of about four years, with some segments already extending into 2030.
Shipping Markets Remain Resilient
The ClarkSea Index, a key indicator of vessel earnings across sectors, has hit record levels, standing above $40,000 per day ahead of SMM. Geopolitical disruptions around the Strait of Hormuz have contributed to this strength, along with a notable increase in secondhand vessel prices, particularly for crude tankers. Ship repair activities are also thriving, thanks to an aging fleet approaching their third and fourth special surveys.
The Changing Landscape of Shipbuilding
The current order boom signifies a new phase in the shipbuilding cycle, following the ups and downs experienced from 2008 to 2016. Container ships, gas carriers, and product tankers led the initial surge in ordering from 2024, with 2025 witnessing record levels of container ship orders. 2026 has seen a strong focus on VLCC and VLGC segments, with global shipbuilding output expected to surpass previous peaks in 2027.
Geopolitical Shifts and Sustainability
Geopolitical risks are becoming a central concern for the shipping industry, alongside discussions on energy and supply chain security. Despite the focus on geopolitics, the sustainability agenda has not faded entirely. While orders for alternative-fuel vessels have decreased to 25% by tonnage, energy-saving technologies remain a priority for shipowners. The industry continues to strive towards achieving net zero emissions, amidst evolving energy security and operational resilience challenges.
The Future of the Industry
As the industry enjoys robust conditions driven by strong ordering and high vessel earnings, questions arise about potential overheating in certain segments. However, the current cycle differs from the 2008 peak, with a lower orderbook-to-fleet ratio and ongoing fleet renewal needs. Advancements in technology, alternative fuels, and energy-saving solutions are expected to shape the industry’s next phase, indicating a complex yet promising future for shipbuilding and marine sectors.
