Shipbuilding output up 46 percent, new orders nearly tripled, China’s global market share exceeds 80 percent in several segments

This is covered in a CCTV+ report.

According to the latest data released by the Ministry of Industry and Information Technology on Saturday, China’s shipbuilding industry maintained its global leadership position in the first quarter of this year, demonstrating sharp growth in orders, production volume and international market share.

The data shows that from January to March this year, China completed the construction of 15.68 million deadweight tons, an increase of 46 percent compared to the same period last year. Export vessels accounted for 96.1 percent of total deliveries. New orders surged by 195.2 percent to 59.53 million deadweight tons, while the order backlog at the end of March reached 322.3 million deadweight tons, up 43.6 percent year on year.

Li Yanqing, Vice President of the China Association of the National Shipbuilding Industry, said: “In the first quarter, our production volume, new orders and order backlog all showed clear growth. Compared with last year, new orders have risen sharply, reflecting China’s stability and development strength. Growing market confidence in Chinese shipbuilding — especially the stability and certainty we provide — is particularly valuable in a period of global instability.”

In the first quarter, China’s production volume, new orders and order backlog accounted for 57.3 percent, 84.9 percent and 69.8 percent of the global market respectively. Among 18 major ship types, China led the world in new orders for 15 of them. Regarding large-capacity vessels, China secured more than 90 percent of international orders for very large crude carriers, large car carriers, bulk carriers and container ships with a capacity of over 10 thousand TEU.

Experts predict that China’s shipbuilding performance will remain the best in the world through the end of the year.