New building orders at Chinese shipyards up 68% in the first half of 2023

CSSC Jiangnan Shipyard (Photo: CSSC)

Statistics released by the China Association of the National Shipbuilding Industry (CANSI) show that new contracts in the first half of this year at Chinese shipyards increased by 67.7% year-on-year in 2022. Orders on hand were 123.77 million dwt at the end of June, up 20.5%. In which, export orders accounted for 92.8% of the total volume.

New building orders have rebounded strongly this year with container ships and LNG carriers continuing to dominate, although there are also more contracts for crude oil and products.

In terms of the volume of work completed in the first half, the shipbuilding volume of Chinese yards in the first half of the year was 21.13 million dwt, up 14.2% year-on-year.

In the first six months of the year, China's shipbuilding volume, new shipbuilding orders and global tonnage orders accounted for 49.6%, 72.6% and 53.2% of the global market share, respectively; The total tonnage accounts for 47.3%, 67.2% and 46.8% of the total world volume respectively, both of which are ranked number one in the global market.

Adam Kent, Managing Director of Maritime Strategies International (MSI), noted the growing dominance of China's shipbuilding industry over its Korean rival in the latest edition of the Seatrade Maritime Podcast when discussing the outlook for the global shipbuilding industry in the second half of 2023.

Industrial concentration remained high in the first half of the year. Shipbuilding output, new orders received and orders in the hands of China's 10 major factories account for 67.9%, 61.3% and 62% of the national output, respectively.

Source: Phaata.com (According to SeatradeMaritime)

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