China's shipbuilding sector has made impressive strides in the first half of 2024, solidifying its position as the world's leading shipbuilder. According to the Ministry of Industry and Information Technology (MIIT), the country completed 25.02 million deadweight tonnes (DWT) of shipbuilding projects from January to June, marking an 18.4% increase compared to the same period last year.
New orders have skyrocketed to 54.22 million DWT, reflecting a remarkable 43.9% year-on-year growth. By the end of June, China's order book reached 171.55 million DWT, up 38.6% from the previous year. These figures highlight China's dominant presence in the global shipbuilding market, accounting for 55% of global completions, 74.7% of new orders, and 58.9% of the order book in H1 2024.
Despite facing challenges like an uncertain global economic outlook and the impacts of trade protectionism and de-globalization, China's economy remains resilient. Cao Bo, deputy director of the statistical information department of the China Association of the National Shipbuilding Industry (CANSI), emphasized the ongoing recovery in maritime trade. "In June this year, as the shipbuilding industry continued to recover, the new ship price index climbed to 187.23, an increase of 9.5 percent year on year, reaching its highest level since September 2008," Cao stated.
Business income for China's large-scale shipbuilding enterprises surged by 31.5% year-on-year in the first quarter, showcasing the industry's robust growth. Additionally, major ports like Ningbo-Zhoushan and Guangzhou have reported significant increases in cargo throughput, further demonstrating the strength of China's maritime infrastructure.
Wu Chungeng, chief planner with the Ministry of Transport, highlighted that maritime transport handles about 95% of China's foreign trade cargo. "China's international shipping volume now accounts for nearly one-third of the global total, further highlighting its role as a ballast in international shipping," Wu remarked at a recent forum.
As China's shipbuilding industry continues to thrive, it not only reinforces the nation's economic resilience but also plays a crucial role in global maritime trade, ensuring sustained growth and connectivity across international markets.
Reference(s):
China's shipbuilding industry soars in H1, solidifies leading position
cgtn.com
