BEIJING: 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, showcasing the vibrant vitality of China’s economy and its manufacturing sector.

According to a report released on Monday by the China Association of the National Shipbuilding Industry and cited by the Global Times, China’s shipbuilding industry experienced significant growth. The report stated that shipbuilding completions reached 12.35 million deadweight tonnes (dwt), representing a 34.7 percent increase compared to the previous year. Furthermore, the volume of new orders also saw a substantial rise, totalling 24.14 million dwt, which is a 59 percent increase year-on-year.

As of end-March, orders on hand stood at 154.04 million dwt, up 34.5 percent year-on-year, according to the report.

China’s shipbuilding industry held a significant share of the global total in the same period, with output accounting for 53.8 percent of the global total,
new orders for 69.6 percent and orders on hand for 56.7 percent, reads the report.

In April, China ranked first globally in ship orders, with 3.58 million compensated gross tonnes, accounting for 76 percent of the global total, data from Clarkson Research, a provider of shipping and trade data, showed on 7th May.

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, Wu Minghua, a veteran shipping analyst, told the Global Times on Monday.

Source: Emirates News Agency