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Newbuild orders at Chinese yards to exceed 50 million tonnes this year

Photo: CSSC CSSC Jiangnan shipyard.jpg
Chinese shipbuilders are forecast to receive newbuilding orders in excess of 50 milllion dwt this year as the market rebounds from 2022.

The China Association of the National Shipbuilding Industry (CANSI) forecast that Chinese yards would deliver over 42 million dwt in newbuildings in 2023.

However, the country’s yards will take in an even higher volume of new orders with the volume forecast to exceed 50 million dwt. In the first half of the year as Seatrade Maritime News previously reported Chinese shipbuilders inked 37.67 million dwt of newbuilding orders in the first half of 2023.

As a result of the increased ordering this year, the orderbook on hand will remain steady at 120 million dwt. 

In the first half of 2023 the export value of ships produced in China was $11.2bn, an increase of 7.7% year-on-year. Bulk carriers, containerships, oil tankers, and gas carriers dominated the export market, totally accounting for 61.3% of the national volume. Bulkers, containerships, oil tankers and gas carriers each account for 26.5%, 22%, 6.8% and 6%, respectively of the total volume. 

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The 1,176 shipbuilding enterprise that meet a designated size requirement posted main business revenue of RMB276.7 billion ($38.34 billion) in the first half, growing 24% year-on-year, while the profit was RMB9.5 bilion, a substantial growth rate of 187.3%.

The association warns labour shortage of national shipbuilding industry amid the growing demands from the big increase in new orders and high-quality development of the industry.