The shipbuilding industry in China has seen significant developments and achievements as of November 2023, with several key highlights:
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Global Market Leadership: From January to July 2023, China's shipbuilding industry ranked first in the global market in three major indicators. The ship completions were 24.09 million deadweight tons (dwt), a 15.6% increase year-on-year. New orders reached 44.76 million dwt, a 74% increase year-on-year, and the volume of orders on hand was 127.9 million dwt, up by 23.4% year-on-year. Additionally, the output value of 74 leading Chinese shipbuilding enterprises totaled 283.3 billion yuan ($38.87 billion), a 27.3% year-on-year increase.
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Notable Achievements: A major achievement was the completion of the first sea trial of China's first domestically built large cruise liner, Adora Magic City. Measuring 323.6 meters in length and 37.2 meters in width, this ship has 2,826 cabins. Its delivery is scheduled for the end of 2023. This accomplishment positions China as the fifth country capable of building large cruise ships, alongside Germany, France, Italy, and Finland.
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Leading Maritime Fleet Owner: China has surpassed Greece as the world's largest maritime fleet owner in terms of gross tonnage. This ascent has been attributed to China's status as a top manufacturing hub, resilient cargo trade, and strong financial support for shipbuilding.
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Impact of Mergers and Pandemic: The Chinese shipbuilding industry has recently undergone a significant merger between CSSC and CSIC. Despite challenges posed by the COVID-19 pandemic, which led to a temporary shutdown of the industry, recovery has been robust. The industry adapted to pandemic conditions by turning to digital solutions for contract signings and vessel deliveries. While there was a temporary impact on newbuilding demand and some orders were deferred, the industry is focusing on upgrading shipyard levels and increasing domestic demand to promote more sustainable and stable development.
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Recent Development in Q3 2023: The industry recorded a sound development in the third quarter of 2023, with increases in output, new orders, and holding orders leading globally. The shipbuilding output reached 9.61 million dwt, up 3.33% year-on-year. New orders increased by 98.9% year-on-year to 19.67 million dwt, and holding orders totaled 133.93 million dwt by the end of September. From January to August, the combined revenue of firms in the industry was 373.8 billion yuan ($52.08 billion), a 23.2% increase year-on-year, and the profits surged by 191% to 12.8 billion yuan.
These developments reflect China's robust position in the global shipbuilding market, characterized by technological advancements, strategic industry mergers, and resilience in the face of global challenges.
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