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The Chinese shipbuilding industry posted record-breaking revenue and profits in the first half of the year, despite a decline in new global orders caused by cautious investment approaches by international shipowners, according to a senior official from the China Association of the National Shipbuilding Industry.
Operating profits at major Chinese shipbuilders increased by 73%, reaching CNY38.7 billion (approximately USD5.4 billion) in the six months ending June 30, compared to the same period last year. Revenue also saw a significant rise of 21%, climbing to CNY398.8 billion (around USD56.1 billion), stated Tan Naifen, the deputy secretary-general of the association, at a press briefing for the Marintec China event.
Marintec China holds the title of Asia’s leading maritime exhibition. Its upcoming edition, scheduled to take place at the Shanghai New International Expo Center from December 2 to 5, is expected to be the largest yet, featuring over 2,200 exhibiting companies and drawing more than 100,000 visitors from 100 countries and regions.
Tan highlighted that during the first half of the year, China’s shipbuilding sector reached record highs in key metrics such as ship orders, new ship price index, operating revenue, and profit.
Data from the association reveals that China’s share of global shipbuilding completions, new orders, and handled orders stood at 52%, 68%, and 65%, respectively, in the first half. Additionally, exports of ships increased by nearly 19% compared to the previous year.
Looking ahead, Tan estimated that China’s shipbuilding completions for the year will total about 51 million deadweight tons (DWT). He also noted that, despite a slight decrease in new orders compared to last year, the total onboard orders will remain above 230 million DWT.
The growth of green ship orders, including vessels powered by liquefied natural gas and methanol, accelerated in the first half of the year. Chinese companies secured several new orders for zero-carbon ships, such as vessels utilizing ammonia fuel cells. Approximately two-thirds of all new ship orders globally during this period were for environmentally friendly ships.
Tan emphasized that ongoing geopolitical tensions and trade protectionism pose significant challenges and uncertainties for the global economy and shipping industry. Nonetheless, he affirmed that the trend toward greener shipping is unstoppable and will play a crucial role in supporting the future growth of the shipbuilding market.
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