Core Viewpoint - The global new ship market is entering an adjustment period, with a significant decline in new ship orders due to geopolitical risks, high shipbuilding prices, and a normalization of previously high order volumes [1][2]. Group 1: New Ship Market Trends - In May, global new ship orders totaled 71 vessels and 1.66 million CGT, representing a 55% year-on-year decline and a 64% month-on-month decline [1]. - Chinese shipyards secured 42 vessels and 0.64 million CGT, maintaining a 39% global market share [1]. - From January to April, China's shipbuilding completion was 15.32 million deadweight tons, down 8.4% year-on-year, while new ship orders were 30.69 million deadweight tons, down 11.1% year-on-year [1]. Group 2: Factors Influencing the Market - The decline in new ship orders is seen as a normal phenomenon following a high demand period, with geopolitical risks affecting international shipowners' willingness to place orders [2]. - Despite a significant drop in steel prices since 2021, new ship prices have surged by approximately 50% from 2020 to 2024 due to strong order volumes, although they have started to decrease this year [2]. Group 3: Green Ship Development - The green ship market is gaining momentum, with the global fleet's green ratio currently below 10%, but expected to exceed 20% by 2030 [1]. - China’s new orders for green-powered vessels have increased from 31.5% in 2021 to an anticipated 78.5% in 2024 in the international market [3]. - The International Maritime Organization (IMO) has approved a framework combining mandatory emission limits and greenhouse gas pricing, which is expected to impact new ship orders and investments [4][5].