Newbuilding orders at Chinese shipyards up 43% in H1
Shipbuilding output, new contracts, and orders on hand of China maintained double-digit growth in the first half of this year.
In the first half of 2024, Chinese shipbuilding yards received an impressive 55.22 million dwt of newbuilding orders, marking a significant 43.9% year-on-year increase. This surge was largely driven by a high volume of tanker orders, including VLCCs, and a notable resurgence in container ship orders. The influx of new contracts has boosted the total order book at Chinese yards to 171.55 million dwt, reflecting a substantial 38.6% growth compared to the previous year.
Production at Chinese shipyards also saw a considerable uptick, with output rising 18.4% to 25.02 million dwt. This growth has been supported by an expanded labor force, as workers from the construction sector, which is currently experiencing a downturn, have been employed to meet the increased demand. Several shipyards are also investing in facility expansions to enhance their production capabilities. Shipbuilding export volume, newly-received export orders, and export orders on hand represented 89.1%, 93.5%, and 93.6% of the national volume respectively, with a total ship export value of $20.67 billion.
China has solidified its status as the world’s leading shipbuilding nation, commanding a significant share of the global market. By the end of June, China’s shipbuilding output, newly received orders, and orders on hand accounted for 55%, 74.7%, and 58.9% of the global market share respectively. The top shipbuilding regions in China, namely Jiangsu province, Shanghai, Zhejiang province, Liaoning province, and Shandong province, collectively delivered 90.7% of the national volume of vessels in the first half of the year. This strong performance underscores China’s dominance in the global shipbuilding industry.
