Posted on 24 Nov 2022
Over January-October, China had maintained its top position in the world's shipbuilding industry, though the country's new vessel orders declined by 39.2% on year to reach 37.4 million deadweight tons (DWT), according to the new data released by China Association of the National Shipbuilding Industry (CANSI). Among the total, 90.6% of new orders were for exports.
Notably, China's new ship orders were much higher than those for South Korea at 21.7 million DWT and Japan at 6.7 million DWT, Mysteel Global learned from the official data.
For October alone, Chinese shipyards concluded new orders equivalent to about 5 million DWT, up 12.5% on month. And these yards completed building vessels at 3.1 million DWT last month, down 20.5% on month.
Over the past 10 months, Chinese shipbuilders completed building vessels at 30.9 million DWT, down 3.6% on year as against the 8.4% on-year drop for January-September, according to the association. Of these, the volume for exports dropped by 13.4% on year to 25.9 million DWT, making up 84% of the total completed vessels.
By end-October, the orderbook backlog of Chinese builders grew 6.5% on year to reach 104.4 million DWT, well above the threshold of 80 million DWT – the level regarded as sustainable for builders to maintain two years of normal operations. And among the total, exports took up 89.4% or 93.4 million DWT, up 6.6% on year.
Over January-October, China's shipbuilders saw their total new orders, order backlog and completed vessels account for 54.3%, 48.7% and 45.8% of the global market share respectively, according to the CANSI data.
Meanwhile, 75 major shipbuilding enterprises nationwide under CANSI's tracking posted a combined revenue of Yuan 238.8 billion ($33.4 billion) over January-October, up 8.7% on year, and their profits rose by 24.2% on year to Yuan 3.8 billion.
Source:Mysteel Global
