China exports $20.5 billion worth of newbuilds in H1
China's Ship Exports Surge: 91% Increase in Value in First Half of 2024
Underscoring both increased productivity by Chinese yards and higher vessel prices, the value of the country’s new ship exports jumped 91% in the first half of 2024.
During the first six months of 2024, China exported approximately 2,978 vessels with a total value of RMB146.8 billion ($20.5 billion), marking increases of 29.4% in quantity and 91.1% in value.
Significant jumps in volumes of newbuildings, both in terms of number and value, were observed across major sectors, including tankers, container ships, and dry cargo.
In the first half of the year, China exported 100 liquid cargo carriers, an increase of 66.7%, valued at RMB15.55 billion. The volume of container ship newbuilds exported amounted to 166 vessels with a total value of RMB66.26 billion, reflecting increases of 140.6% in quantity and 175.8% in value. A large volume of container ships ordered at the peak of the market during the pandemic began to be delivered in the first half of this year.
The number of bulk carriers exported was 261, with a total value of RMB35.84 billion, representing growth of 85.1% in quantity and 42% in value.
The top four vessel types delivered by Chinese shipyards in the first half of 2024 were bulk carriers, containerships, oil tankers, and gas carriers. Chinese shipbuilders are ramping up production, employing workers from the depressed construction sector, and pushing forward some delivery dates. Additionally, yards are investing in new facilities to meet expected demand for green vessels with alternative fuel capabilities.
