CITIC Securities says the shipbuilding sector is in a decade-long upcycle,
driven by fleet replacement and tighter environmental regulations. External
shocks have created divergence across vessel segments and uneven rotation.
Elevated tanker freight rates have triggered an ordering surge: new tanker
orders have risen sharply since November 2025 and full-year tanker orders are
expected to remain high. CITIC sees bulk carrier orders potentially becoming the
next growth driver. Leading indicators: new-build price index for August was
186.34, YoY +0.04%, MoM +0.46%, up five consecutive months, underscoring a
supply-tight, seller’s market and supporting a constructive view on the sector.
