China’s shipbuilding industry has charted a remarkable course in the first half of this year, reinforcing its position as a global leader amid a challenging economic backdrop. According to data released by the Ministry of Industry and Information Technology (MIIT), the industry has witnessed substantial growth, highlighting the resilience and dynamism of China’s economy.
From January to June, Chinese shipyards completed projects totaling 25.02 million deadweight tonnes (DWT), marking an impressive 18.4 percent increase compared to the same period last year. New orders surged even more dramatically, reaching 54.22 million DWT—a striking year-on-year growth of 43.9 percent. By the end of June, the order book stood at 171.55 million DWT, up 38.6 percent from the previous year.
The MIIT’s data underscores China’s dominant role in the global shipbuilding market. In the first half of this year, China accounted for 55 percent of global shipbuilding completions, 74.7 percent of new orders, and 58.9 percent of the global order book, as measured by DWT. These figures represent significant increases from 2023, when the indicators stood at 50.2 percent, 66.6 percent, and 55 percent, respectively.
Despite uncertainties in the global economic landscape and challenges posed by trade protectionism and de-globalization, China’s shipbuilding industry continues to sail ahead. Cao Bo, deputy director of the statistical information department of the China Association of the National Shipbuilding Industry (CANSI), highlighted the industry’s resilience. “In June this year, as the shipbuilding industry continued to recover, the new ship price index climbed to 187.23, an increase of 9.5 percent year on year, reaching its highest level since September 2008,” Cao noted.
CANSI’s statistics further reveal that the main business income of China’s large-scale shipbuilding enterprises increased by 31.5 percent year on year in the first quarter. This surge reflects the industry’s robust health and its significant contribution to the national economy.
The shipping industry, often seen as a barometer of economic vitality, plays a critical role in global trade and China’s economic development. This year, several of China’s major ports have reported continuous growth in throughput. From January to June, Ningbo-Zhoushan Port—the world’s busiest port in terms of cargo throughput—handled 708 million tonnes of cargo, a 4.2 percent increase year on year, and processed 19.17 million twenty-foot equivalent units (TEUs) of containers, up by 8.4 percent. Similarly, Guangzhou Port is estimated to have processed 12.21 million TEUs, representing a 6.3 percent growth.
Wu Chungeng, chief planner with the Ministry of Transport, emphasized the significance of these developments. “Maritime transport handles about 95 percent of China’s foreign trade cargo,” Wu stated at a recent forum. “China’s international shipping volume now accounts for nearly one-third of the global total, further highlighting its role as a ballast in international shipping.”
As global maritime trade continues to recover, China’s shipbuilding and shipping industries appear poised to maintain their upward trajectory, reinforcing the country’s pivotal role in international commerce and its influence on global economic trends.
Reference(s):
China's shipbuilding industry soars in H1, solidifies leading position
cgtn.com
