China’s shipbuilding industry is poised to maintain its position as the global leader this year, leveraging its robust industrial capabilities and prioritizing advancements in intelligent and green technical solutions, according to analysts and industry experts.
Despite the United States launching a Section 301 investigation into China’s shipbuilding business earlier this year, the growth momentum of Chinese shipyards is expected to remain competitive and support the country’s exports in the second half of 2024.
“The strength of Chinese shipyards stems from a combination of factors that cannot be constrained merely by tariffs or other trade remedy measures,” said Li Yanqing, secretary-general of the China Association of the National Shipbuilding Industry (CANSI).
In the first half of the year, Chinese shipyards saw a surge in new orders, which increased by 43.9% year-on-year to 54.22 million deadweight tons (DWT), accounting for 74.7% of the global total, according to data released by the Ministry of Industry and Information Technology.
Furthermore, the country’s shipbuilding output reached 25.02 million DWT, up 18.4% on a yearly basis, making up 55% of the world’s total. China ranked first globally in new orders for 14 out of the 18 major ship types, including bulk ships and oil tankers, during the January-June period, the CANSI data showed.
“The growth highlights the resilience and adaptability of Chinese manufacturers in the face of external challenges. It also reflects the insufficient global high-tech shipbuilding capacity resulting from structural changes on the demand side,” Li added.
The industry’s ability to capitalize on its robust industrial chain capabilities and prioritize advancements in intelligent and green technical solutions has been crucial in maintaining its global leadership. As the world continues to navigate the evolving maritime landscape, China’s shipbuilding industry is poised to remain a dominant force in the global market.
