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China’s shipbuilding industry eyes high-end market

China is cementing its position as the world’s leading shipbuilder, with U.K.-based maritime analyst Clarkson Research reporting that Chinese shipyards secured 95 vessel orders in August, representing 90 percent of global bookings.

From January to July, China exported 3,470 ships, up 28.3 percent year on year, with a value of 173.7 billion yuan ($24.6 billion), an 84.4 percent increase.

The industry saw first-half growth of 18.4 percent in output, 43.9 percent in new orders, and 38.6 percent in order backlog year on year.
China has topped global rankings in these three key metrics for 14 consecutive years as of 2023.

During a briefing on its performance in the first half of the year, China State Shipbuilding Corporation Limited (CSSC), one of the world’s largest shipbuilding companies, announced its order books are full through 2027 and into 2028.

The shipbuilding industry is experiencing a new growth cycle driven by surging market demand, resulting in consistently high order volumes for Chinese shipbuilders.

Recent milestones underscore China’s shipbuilding prowess: the world’s largest ro-ro (roll-on/roll-off) ship was delivered in Nantong, east China’s Jiangsu Province, on Aug. 8, while the “Xin Ming Zhu 39,” built with domestically developed carbon fiber material, launched from Guangzhou’s Nansha district on Sept. 9, challenging foreign technological dominance.

Orders are increasingly skewing towards high-tech, high-value ship types like ro-ro, container and liquefied natural gas (LNG) vessels. In the first half of the year, Chinese yards secured 71.7 percent of global green fuel vessel orders.

Meanwhile, CSSC reported that over 50 percent of its new ship orders were for vessels powered by green fuels, while more than 70 percent were for mid-to-high-end vessels. Its three shipyards delivered 38 vessels and booked 65 new orders, with over 90 percent in the mid-to-high-end category.

The industry is rapidly moving upmarket.

On Sept. 9, CSSC subsidiary Hudong-Zhonghua Shipbuilding secured an order for six Q-Max ultra-large LNG carriers from QatarEnergy, cementing its global leadership in LNG capacity.

“Enhanced technological expertise and faster delivery times significantly boost competitiveness,” said Wang Junli, secretary-general of the Chinese Society of Naval Architects and Marine Engineers.

Wang noted China’s improved ship design and research capabilities now cover all major global vessel types. With an independent, well-developed supply chain, China’s shipbuilding efficiency continues to rise.
Source: People’s Daily Online

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