China Secures Top Spot With Record Output In Global Shipbuilding For 2023

According to data from the Ministry of Sector and Information Technology, China has strengthened its dominance in the global shipbuilding sector, maintaining its top position in 2023 with an upsurge in output and new orders. China accounted for 50.2% of global shipbuilding production in 2023 with 42.32 million deadweight tons (dwt), a notable 11.8% year-over-year increase. At the same time, new orders increased by an astounding 56.4% to 71.2 million dwt, giving them a commanding 66.6% market share worldwide.

In December, the sector’s holding orders reached 139.39 million dwt, a 32% year-over-year increase that commanded 55% of the global market share. The first-ever simultaneous double-digit rise in shipbuilding output, new orders, and holding orders is evidence of China’s dominant position in 2023. The country’s shipbuilding prowess is demonstrated by figures from the Ministry of Industry and Information Technology, which show that its output, new orders, and orders on hand represent 50.2%, 66.6%, and 55% of the global market share, respectively.

The Secretary-General of CANSI, Li Yanqing, expressed enthusiasm over the industry’s future, pointing out that these positive figures demonstrate the growing importance of China’s shipbuilding sector in the international market. China topped the global list of new contracts for fourteen of the eighteen major ship types. In the global market, some notable percentages are as follows: bulk carriers, at 79.6%; oil tankers, at 72.1%; containerships, at 47.8%; and vehicle carriers, at 82.7%.

China’s shipbuilding sector is a powerful force in the global marine scene, with orders in hand guaranteeing an active schedule for Chinese shipyards in the next three years.

Reference: Xinhua

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Source: Maritime Shipping News