Shipbuilding has entered one of the most prolific periods in recent decades. Despite geopolitical tensions, trade disruptions, and uncertainty, new vessel orders are accelerating at an astonishing pace.
The need to renew an ageing fleet, the increase in ton-miles due to geopolitical conflicts, and shifting trade flows are leading shipowners to adopt a strategy of accelerated investment. The result is an orderbook of unprecedented magnitude, with over 8,700 vessels currently under construction, 14% of them ordered in the first quarter of 2026 alone—a record for the 21st century.
At this juncture, China has established itself as the undisputed leader, with Chinese shipyards monopolizing 70% of newbuilds globally. This strategic dominance did not emerge by chance, but rather through long-term state planning, massive investments in technology, and aggressive competitive policies.
Greek shipowners, with their long tradition of strategic market positioning, recognized this shift early on. Consequently, they have been building relationships with Chinese shipyards through strategic investments since the late 1990s. Today, their presence is decisive: 65% of Greek vessels on order are being built in China, and every 1 in 15 vessels (7%) constructed there represents Greek interests.
The intensity of this wave of shipbuilding is bringing new opportunities to the surface, whether through the expansion of existing facilities or the entry of new shipyards into the market, expanding the available capacity. An emblematic example of this new generation of shipyards is Hengli Heavy Industry. In the less than three years since it was returned to operation, it has grown into one of the world’s largest shipbuilders.
Hengli’s momentum has been further bolstered by the trust of Greek shipowners, who have invested in a series of orders, particularly in the tanker and bulk carrier sectors. Lloyd’s Register (LR) has stood by Hengli’s side all the way, supporting the construction of the first Very Large Crude Carrier (VLCC) built there after its reopening and holding over 50% of current orders at the shipyard.
This Sino-Greek convergence in shipping is anything but an accident. Both Greece and China are nations that have built their economic might upon the sea. Thus, while Greece is a leading shipowning power, China is a global shipbuilding hub.
In an era where demands for efficiency, energy transition, and environmental compliance are constantly escalating, the role of the classification society assumes critical importance. Technical supervision is no longer limited to compliance; it is about ensuring that the ships built today will be safe, resilient, energy-efficient, and fully prepared to meet future regulatory and environmental mandates.
LR maintains a robust presence in both Greece and China, holding 23% of Greek orders in China within its class—a figure that reflects the deep-rooted trust LR enjoys with the Greek shipping community.
A series of extensive investments by LR in the region, which have included bolstering its workforce and surveyors in key locations, have further solidified this partnership. Simultaneously, the strategic placement of executive management has served as a bridge of communication between shipyards and shipowners, deepening synergies both within and beyond China. In addition, the deployment of specialized technical personnel allows LR to ensure the technical excellence and smooth execution of highly complex projects. Providing maximum support alongside a comprehensive service framework instills full confidence in shipowners that every vessel will be technically flawless, future-proof, and ready to meet the challenges of global shipping.
As the maritime industry navigates a profound transition—with the energy shift, digitalization, and evolving regulations shaping both its present and its future—the significance of these strategic partnerships will only continue to grow. The Greece-China alliance lies firmly at the core of these developments. In an increasingly demanding environment, trust, technical superiority and strategic collaboration constitute a true competitive advantage. And this is perhaps the new shipbuilding era’s most powerful message to the sector: that success will ultimately depend not only on who builds the new ships, but on how they build them.
Ms. Elina Papageorgiou is the Global Strategic Growth Director & Senior Vice President Greece & Cyprus at Lloyd’s Register.
