China's shipbuilding sector continues to lead in the global market, with steady growth in output, new orders and orders on hand in the first quarter of 2024. Shipbuilding completions totaled 12.35 million deadweight tons (DWT), up 34.7% year-on-year, and the volume of new orders was 24.14 million DWT, an increase of 59%, according to the China Association of the National Shipbuilding Industry. As of end-March, orders on hand stood at 154.04 million DWT, up 34.5% year-on-year. China's shipbuilding industry held a significant share of the global total in the same period, with output accounting for 53.8% of the global total, new orders for 69.6% and orders on hand for 56.7%. In April, China ranked first globally in ship orders, with 3.58 million compensated gross tons, accounting for 76% of the global total, data from Clarkson Research, a provider of shipping and trade data, showed on May 7.
China has firmly maintained the leading position in the global shipbuilding sector, as it kept focusing on integrating advanced technology into shipbuilding and achieving alignment with international top-tier standards, Shipping Analyst Wu Minghua told the Global Times. “China's competitiveness in production, maintenance, services and demand in the shipbuilding sector was very high,” South Korean media outlet The Hankyoreh said on May 14.
As a major shipbuilding country, with advantages in research and development (R&D), South Korea hoped to collaborate with friendly countries in the commercial and specialized ship sectors. Despite the U.S. announcing some negative measures against China's shipbuilding sector, including an investigation in April citing unfair economic activities, and Section 301 investigations, Chinese companies have maintained a stable global position and market in shipbuilding. The Clarkson research showed that China has been the leading country in annual new orders for the past three years. In 2021 and 2022, China's international market share was nearly 50%, and it reached 58.9% in 2023.
China's shipbuilding sector still requires more robust policies to support technological innovation and talent acquisition, as the rapid development of the industry has highlighted the critical need for technology and skilled researchers, Wu said. “Research-related policy support can also emphasize the intelligent area and low-carbon aspects of shipbuilding, to better catch up with international top standards,” Wu noted, as these two areas are currently the most crucial for China and the international shipbuilding sectors, the Global Times reports.
