Newbuild orders at Chinese yards up 63.8% in first 11 months of 2023

The figures show a slowing of growth in the final quarter of 2023 as for the first nine months of the year newbuilding orders were up 76.7%.

Statistics released by the China Association of the National Shipbuilding Industry (CANSI) showed a 12.3% growth of 38.09 million dwt shipbuilding output in the first 11 months. Orders on hand were 134.09 million dwt as at the end of November, an increase of 29.4%.

Shipbuilding export volume, new orders for export and export orders on hand accounted for 84%, 94.2% and 94.6% of national volume, respectively.

In the first eleven months, China’s shipbuilding output, newly-received shipbuilding orders and orders on hand in deadweight tonnage accounted for 50.1%, 65.9% and 53.4% respectively of the global market share.

The 74 major Chinese shipyards posted a total revenue of CNY372.4bn ($52bn) during January-November, an increase of 29.9%, while total profit was RMB16.5bn ($2.3bn), surging 141% year-on-year.

Eighteen major Chinese ship repair yards completed a repair volume of 3,998 vessels for the first eleven months, an increase of 2.8% year on year.

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