China shipbuilding industry remains on top

Newship orders in China amounted to 47.6% of the global new orders in 2013, to maintain its top rank for five consecutive years, while delivery of new ships ranked China’s shipbuilding industry first worldwide for four consecutive years with 40.3% of the global market.

In 2013, total new orders in China amounted to 69.84 million deadweight tonnage (DWT), up 242% YOY. Export orders were 64.74 million DWT, up by 333% YOY. “Research Report on China Shipbuilding Industry, 2014-2018” states that China maintains great potential as one hand, the cost is lower in Chinese shipbuilding industry than that in Japan and Korea. On the other hand, increasing domestic demand in shipbuilding industry will attract global investment.

Government policies will play an important role in transforming and upgrading of the industry, including the reinforcement of design and development, and the construction capability of high-end equipment. (Photo: Wikimedia)