China has once again demonstrated its dominance in the global shipbuilding market, maintaining its top position throughout the first 11 months of 2023. This achievement is marked by robust growth in both output and new orders, as evidenced by industry data.
Strong growth in output
China’s shipbuilding output saw a significant increase of 12.3 percent year on year, reaching 38.09 million deadweight tonnes (dwt) during the January-November period. This figure accounts for a staggering 50.1 percent of the world’s total shipbuilding output, according to data from the Ministry of Industry and Information Technology. This growth not only signifies China’s increasing production capabilities but also its growing influence on the global stage.
Surge in new orders
In addition to the increase in output, new orders for Chinese shipbuilders surged by 63.8 percent year on year to 64.85 million dwt. This surge represents 65.9 percent of the world’s total new orders during the same period, further solidifying China’s leading position in the global shipbuilding market.
Expansion of holding rders
The sector’s holding orders, which are orders that have been placed but not yet fulfilled, totaled 134.09 million dwt at the end of November. This represents a year-on-year expansion of 29.4 percent. The volume of these holding orders accounted for 53.4 percent of the global market share, indicating a strong demand for Chinese shipbuilding.
The data clearly shows China’s continued dominance and growth in the global shipbuilding market. The country’s ability to maintain a high output, attract a large number of new orders, and expand its holding orders demonstrates the strength and competitiveness of its shipbuilding industry.