China's shipbuilding sector retained the top spot in the world in terms of completed shipbuilding volume, new orders and orders on hand in 2024, ranking first globally for 15 consecutive years, industry data showed on Thursday.
In 2024, China's shipbuilding completion volume, new orders, and orders on hand accounted for 55.7 percent, 74.1 percent, and 63.1 percent of the world's total, according to data released by the Ministry of Industry and Information Technology.
Notably, both new orders and orders on hand reached record levels in China's shipbuilding history.
"In 2024, we achieved remarkable results, both in market orders and production management. This demonstrates the strong foundation of China's shipbuilding industry and our collaborative efforts with top global suppliers. It is a collective progress. Therefore, China's shipbuilding industry belongs not only to China but also to the world," said Li Yanqing, secretary general of the China Association of the National Shipbuilding Industry.
The latest figures also show a 13.8-percent increase in completed shipbuilding volume, a 58.8-percent surge in new orders and a 49.7-percent rise in orders on hand year on year in 2024.
Among the 18 major ship types globally, China leads the world in new orders for 14 of them.
Domestic shipyards have exceeded their annual business targets, reflecting a spike in market demand.
"China's overall shipbuilding orders on hand can sustain nearly four years of work, which marks a critical step towards steady development of the sector going forward. Our forecasting models based on annual seaborne trade volume growth suggest that global demand for new ships is between 25 million and 50 million deadweight tonnes, with an overall upward trend," said Li.
China's shipbuilding industry retains top spot globally for 15 consecutive years
China's shipbuilding industry retains top spot globally for 15 consecutive years
China's shipbuilding industry retains top spot globally for 15 consecutive years
