Record shipping contracts for 2023: A New era for Shipping

It is worth noting that the order book of shipping companies this year reached the highest level since 2007, marking a strong recovery and growth trajectory for the shipping industry. As global trade continues to rebound after the pandemic, demand for new ships has surged, leading to unprecedented levels of investment in shipping infrastructure.

So far this year, orders for new ships have reached a staggering 62.6 million, with a total value of $190.2 billion. This figure not only highlights the resilience of the industry, but also exceeds the order volume in 2013, which is considered the benchmark for shipping contracts. The current surge in orders reflects a number of factors, including increased consumer demand, supply chain challenges, and the shipping industry's renewed focus on sustainability.

The increase in contract orders can be attributed to several major trends. First, the ongoing global economic recovery has led to increased demand for commodities, prompting shipping companies to expand their fleets to meet this demand. In addition, the pursuit of green technology has prompted many companies to invest in new, more efficient vessels to meet stricter environmental regulations.

The geopolitical landscape is also having an impact on the shipping industry. With the disruption of traditional supply chains, companies are looking to diversify their business and improve their logistics capabilities, which further stimulates the demand for new vessels.

As we enter 2023, the shipping industry is at a critical juncture, with record contract orders paving the way for a new era of growth and innovation. Increased investment, advances in technology and a focus on sustainability are creating a bright future for the shipping industry and this is an exciting time for stakeholders across the industry.