China exports $20.5 billion worth of newbuilds in H1

During the first six months of 2024 China exported some 2,978 vessels at a total value of RMB146.8 billion ($20.5 billion) increases of 29.4% and 91.1%, respectively.

Significant jumps in volumes of newbuildings both in terms of number and value were seen across the major sectors of tankers, container ships, and dry cargo

In the first half of the year China exported 100 liquid cargo carriers, an increase of 66.7%, with a total valued of RMB15.55 billion.

The volume of container ship newbuilds exported amounted to 166 vessels with a total value of RMB66.26 billion, an increase of 140.6% and 175.8% respectively. A large volume of container ships ordered at the peak of the market during the pandemic has started to be delivered in the first half of this year.

The number of bulk carriers exported was 261 at a total value of RMB35.84 billion, representing growth of 85.1% and 42% respectively.

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The top four vessel types the Chinese shipyards delivered in the first half of 2024 were bulk carriers, containerships, oil tankers and gas carriers. 

Chinese shipbuilders are ramping up production employing workers from the depressed construction and as a result some delivery dates have been pushed forward. Yards are also investing in new facilities to meet expected demand for green vessels with alternative fuel capabilities.

Related:Newbuilding orders at Chinese shipyards up 43% in H1