China’s shipbuilding sector maintains robust expansion

BEIJING : China has maintained its top position in the global shipbuilding market in the first 10 months of 2023, with strong growth in both output and new orders, industry data showed.

The country’s shipbuilding output climbed 12 percent year-on-year to 34.56 million deadweight tonnes (dwt) during the January-October period, accounting for 49.7 percent of the world’s total, according to data from the China Association of the National Shipbuilding Industry.

New orders surged 63.3 percent year-on-year to 61.06 million dwt, taking up 67 percent of the world’s total during the period, according to figures from the association.

The volume of orders on hand for the industry stood at 133.82 million dwt as of the end of October, up 28.1 percent from one year earlier and accounting for 54.4 percent of the world’s total.

The country’s shipbuilders exported a combined $21.14 billion worth of ships in the first 10 months, up 21 percent from the same period last year, according to the association.