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Chinese yards newbuilding orders up 183% in first five months

Photo: Yangzijiang Shipbuilding Yangzijiang yard.jpg
A near doubling of newbuilding orders for Chinese shipbuilders in the first five months underscores the sharp upturn in fortunes seen for the sector this year.

China’s newbuilding order volume was 32.74m dwt for the first five months of this year, an increase of 182.6% year-on-year, according to the statistics released by China Association of the National Shipbuilding Industry (CANSI).

China’s shipbuilding output for the first five months was 16.86m dwt, an increase of 26.6%. As at the end of May, the orderbook on hand was 85m dwt, an increase of 6.4%.

Shipbuilding export volume was 16m dwt, an increase of 30.4% year-on-year, newly received export shipbuilding orders were 29.3m dwt, surged 174.9%. Export orders on hand were 75.82m dwt as the end of May, up 2.7%.

Shipbuilding export volume, new orders for export and export orders on hand accounted for 95.2%, 89.5% and 89.2% of national volume, respectively.

The 75 major Chinese shipyards posted a total revenue of CNY93.2bn ($14.4bn) during January-May, up13.7% year-on-year, while total profit was RMB230m ($35.5m), a drop of 17.9%.

As at end of May, China’s shipbuilding output, newly received orders and orders on hand accounted for 43.9%, 53.9% and 46.8%, respectively of the global shipbuilding market share.

Fifteen major Chinese ship repair yards completed a repair volume of 1,313 vessels for the first five months, an increase of 6.8% year on year. This is despite yards in Zhoushan having to turn away jobs over Covid restrictions.

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