Posted on 23 May 2024
Chinese shipbuilders concluded new vessel orders totaling 24.1 million deadweight tons (DWT) in the first quarter of this year, soaring by 59% on year, according to the new release from the China Association of the National Shipbuilding Industry (CANSI). Within the total new orders, 86.9% were for exports, it notes.
The robust orders secured by Chinese shipyards during this year's first quarter led their backlog to rise by 34.5% on year to 154 million DWT by the end of March, among which 91.9% of the backlog were orders for exports, according to CANSI data.
Meanwhile, Chinese shipbuilders completed vessels amounting to 12.4 million DWT over January-March, higher by a large 34.7% on year, the data showed.
China maintained its top spot in the global shipbuilding market in Q1, with its new orders, backlog and completed vessels accounting for the world's 69.6%, 56.7% and 53.8% respectively, all in terms of DWT, according to the association.
The industry concentration of China's shipbuilding sector remained at a relatively high level, as the country's top 10 shipbuilders won 61.2% of its total new orders during Q1. Moreover, in terms of completed vessels, the top 10 builders made up 67.4%, CANSI pointed out.
The shipbuilders in East China's Jiangsu, Shanghai, Shandong, Zhejiang and Northeast China's Liaoning contributed to 90.1% of completed vessels in the first three months, according to the release.
In terms of vessel types, bulk carriers remained the largest segment in both completed vessels and new orders in Q1, with their shares standing at 49.1% and 38.1% of the two totals, respectively.
The total value of Chinese ships exported over January-March added up to $9.9 billion, according to CANSI.
Source:Mysteel Global
