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China shipbuilding tonnage up by 44%

China shipbuilding tonnage up by 44%

Shanghai: Figures released this week show that the Chinese shipbuilding industry last year maintained its growth in dramatic fashion. Tonnage recorded in the first three quarters of 2007 amounted to 12.03m dwt, an increase of 44% over the same period in the previous year.  In addition, new shipbuilding orders reached 64.34m dwt, up 120 percent from a year earlier. Industry forecasts indicate that the country will round out the 2007 year above 16m dwt.

As result of these increases, the Chinese shipbuilding industry now accounts for considerable world market shares with last year's completed tonnages at 20.1% and new shipbuilding orders at 38.7%. Its competitiveness has been boosted by high tax rebates on exports resulting in a differential of 5% between its output prices and those of neighbouring South Korea.  

The value of shipping exports in the first three quarters of last year peaked at $8.76bn, up 61.9% from a year earlier and exceeding the total exported value of 2006 shipping exports. While this takes into account a decline in demand for oil tankers, the growth patterns indicated reflect dramatic increases in the demand for bulk carriers and container vessels.

 In addition to the increases in shipbuilding volumes, China's yards are fully occupied in the repair and modification business. In the period Jan-Aug 2007, output value of this type of work was up 62%, year on year, at $4.18 bn.  [18/01/08]