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Chinese yards newbuilding orders up 76.7% in the first three quarters

Photo: CSSC LNG carrier under construction at CSSC Jiangnan Changxing.
Newbuilding demand at Chinese shipbuilders has continued apace this year with the volume of newbuilding orders up 76.7% in the first nine months of 2023.

According to the statistics released by China Association of the National Shipbuilding Industry, Chinas shipbuilding output for January to September was 30.74m dwt, an increase of 10.6% year on year, while the 57.34m dwt volume of newly received orders grew 76.7%.

As at the end of September, Chinese shipyards orderbook on hand was 133.93m dwt, an increase of 30.6% year-on-year.

Shipbuilding export volume was 26.31m dwt, an increase of 11.8% year-on-year, while newly received export shipbuilding orders were 53.53m dwt, up 82%. Export orders on hand were 124.97m dwt as the end of September, increasing 36.8%.

Shipbuilding volume, newly received shipbuilding orders, and orders on hand of exported vessels, accounted for 85.6%, 93.4% and 93.3% of national volume respectively.

As the end of September, Chinas shipbuilding output, newly received orders and orders on hand accounted for 48.7%, 68.5% and 54.7% of the global shipbuilding market share.

Eighteen major Chinese ship repair yards completed a repair volume of 3,26 vessels for the first three quarters of 2023, slightly increased 0.8% year-on-year.