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China hits 50% of world shipyard output in 2023China hits 50% of world shipyard output in 2023

Chinese yards accounted for 50% of 2023 world shipyard output on a compensated gross tonnage (CGT) basis, according to Clarksons Research.

Gary Howard, Middle East correspondent

January 16, 2024

1 Min Read
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In its global shipbuilding market review 2023, the research company noted global shipyard output rose by 10% on-year to 35m CGT and with China accounting for half of that output for the first time, ahead of South Korea at 26% and Japan at 14%.

South Korea led in the production of LNG vessels, but China held the greatest market share for bulkers, tankers and containerships.

Another 50% milestone was also reached in the Clarksons figures, with 50% of the orderbook by tonnage now alternatively-fuelled. Overall, the orderbook was 4% up on year at 1234m CGT with a value of $367bn.

Steve Gordon, Managing Director of Clarksons Research, said:  “2023 was a year of recovering output, increasing prices and a good flow of orders for the global shipbuilding industry. On a regional level, China produced 50% of yard output and also dominated ordering, while alternative fuels moved to nearly 50% of orderbook tonnage. And while the 2024 delivery profile is dominated by container and gas, the product mix of new orders tilted towards tankers and bulkers.”

Shipbuilding power continued to consolidate in 2023, with the number of active yards producing over 20,000 dwt per year down around 35% from peak output.

On the ordering front, investment by greek shipping companies was up 60% on-year to $18bn, the highest figure since 2013. The data also recorded the first year for European owners investing more than their Asian counterparts since 2018.

Related:China cements position as world’s top shipbuilder in 2023

Despite the increase in the orderbook, Clarksons noted underlying fleet renewal requirements as the fleet ages and emissions regulations accelerates. The observation comes as shipowners face a difficult investment decision as ships ordered today will be subject to increasing decarbonisation targets towards the IMO goal of net zero emissions by 2050.
 

About the Author

Gary Howard

Middle East correspondent

Gary Howard is the Middle East Correspondent for Seatrade Maritime News and has written for Seatrade Cruise, Seatrade Maritime Review and was News Editor at Lloyd’s List. Gary’s maritime career started after catching the shipping bug during a research assignment for the offshore industry. Working out of Seatrade's head office in the UK, he also produces and contributes to conference programmes for Seatrade events including CMA Shipping, Seatrade Maritime Logistics Middle East and Marintec. 

Gary’s favourite topics within the maritime industry are decarbonisation and wind-assisted propulsion; he particularly enjoys reporting from industry events.

Conferences & Webinars

Gary Howard regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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