Japanese shipping companies hit a 15-month low in orders

　　In February this year, the order volume for Japanese shipbuilders fell to a 15-month low.

　　Recently, the Japan Ship Exporters' Association (JSEA) released the latest data on the order volume for Japanese shipbuilders in February 2026. In January 2026, Japanese shipbuilders received orders for a total of 8 ships amounting to 277,670 GT, a year-on-year decrease of 14.3%, marking a new low since November 2024 (236,096 GT). The monthly order volume has been below the previous year's level and under 1 million GT for two consecutive months.

　　Classified by ship type, in February this year, Japanese shipbuilders received orders for 8 new ships, including 5 bulk carriers (2 handy-size, 3 large handy-size) totaling 160,750 GT, and 3 liquid cargo ships (1 Aframax tanker, 1 LPG ship, 1 LPG/ammonia carrier) totaling 116,920 GT. Orders for container ships and other cargo ships have been zero for two consecutive months.

　　In the first two months of this year, Japanese shipbuilders received orders totaling 17 ships amounting to 716,270 GT, a year-on-year decline of 13.8%, including 13 bulk carriers totaling 441,850 GT and 4 liquid cargo ships totaling 274,420 GT.

　　In the fiscal year 2025 (April 2025 - March 2026), Japanese shipbuilders have received orders totaling 164 ships amounting to 7,496,584 GT, a year-on-year decline of 20.1%, including 20 cargo ships totaling 1,220,794 GT, 129 bulk carriers totaling 5,408,200 GT, and 15 liquid cargo ships totaling 867,590 GT.

　　Japanese media pointed out that global demand for new shipbuilding is strong, but due to the continuous shortage of shipyard capacity needed for building ships in Japan and a labor shortage, orders have been missed.

　　Last year, the Japanese government announced plans to increase the annual construction volume of the domestic shipbuilding industry to 18 million GT by 2035, approximately double the 9.08 million GT in 2024. The ultimate goal is to increase Japan's share in the global shipbuilding market to about 20%.

　　As of the end of February this year, Japanese shipbuilders held orders totaling 602 ships amounting to 28,990,000 GT, continuing to decline from 29,360,000 GT at the end of January. However, Japanese shipbuilders currently hold orders at a high level, with existing orders equivalent to about 3.5 years of construction volume.