According to Clarksons Research's vessel asset valuation data, the combined value of the current global fleet and orderbook has now reached $2.5 trillion. During the first half of 2026, total newbuild orders amounted to $133 billion, while secondhand vessel sale and purchase transactions reached $35 billion.
Global newbuild deliveries are currently in a phase of strong growth, with approximately $179 billion worth of newbuild orders expected to be delivered in 2027. Clarksons Research's preliminary estimates indicate that investment demand exceeding $2.2 trillion is projected to be generated over the next five years.
The global shipping finance market remained active during the first half of 2026. Intense competition among funding channels has driven more attractive financing terms. Overall, shipping companies maintain sound capital positions with ample cash reserves, while financing leverage remains at relatively prudent levels. This not only provides them with the capacity to navigate potential market volatility ahead but has also reduced their overall financing requirements, with many shipping enterprises opting to prepay existing debt.
Regarding global shipping financing channels, European banks continue to serve as the largest source of vessel financing, although their market share within the global financing landscape has declined noticeably. In recent years, both the number of banks participating in ship financing and the scale of financing have rebounded, particularly among regional and Asian banks. Meanwhile, financing options represented by Chinese leasing companies and export credit agencies continue to develop, further diversifying the sources of shipping finance. Chinese leasing companies have become significant players in the global shipping finance market. Despite facing certain challenges in 2025, the market has generally remained active, with Clarksons Research consistently recording new leasing institutions entering the shipping finance arena over the past year.
Beyond this, Japanese tax leasing continues to be an active and attractive financing option. Cooperative projects between the United States and both South Korea and Japan have created additional opportunities for export credits in the respective countries. The Norwegian bond market remains a favored and important financing channel for numerous shipping and offshore enterprises.
Looking ahead at the global shipping finance outlook, supported by the industry's sound fundamentals and ample market liquidity, Clarksons Research anticipates that the short-term shipping finance market will remain a "borrower's market." The intense competition among financial institutions to secure "top-tier" quality clients continues, further supporting financing conditions that favor shipowners. According to Clarksons Research's surveys, traditional banks, including members of the Poseidon Principles, are often able to offer the most competitive financing terms to "top-tier" clients. Financing costs for certain premium clients have already fallen to SOFR plus 100-150 basis points, approaching levels last seen in the early 2000s.
Other shipping finance banks demonstrate greater flexibility in terms of owner qualifications, vessel age, ship type, and financing structures, though this corresponds with higher financing costs, with interest rate spreads typically exceeding 400 basis points. In recent years, loan-to-value (LTV) ratios for vessel financing have increased, especially given that asset prices in most vessel segments are already at elevated levels. Given the cyclical nature of the industry, financing institutions need to adopt a prudent approach in areas such as project review, due diligence on owner qualifications, and vessel valuation assessment.