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China's shipbuilding industry charts new course with eco-friendly vessels

China

China

China

China's shipbuilding industry charts new course with eco-friendly vessels

2025-01-16 17:37 Last Updated At:01-17 02:47

China's shipbuilding industry has made significant strides in technological innovation, focusing on eco-friendly vessels that have strengthened its global leadership and competitiveness in a rapidly evolving industry.

Researchers at the LNG Technology Research Institute of Hudong-Zhonghua Shipbuilding Group, a subsidiary of China State Shipbuilding Corp (CSSC), are pioneering cutting-edge technologies for green vessels to meet the growing demand for eco-friendly shipbuilding.

"We are focusing on green and smart technologies. In the near future, we will launch new ship designs, including more eco-friendly vessels powered by green energy sources, such as liquid hydrogen, liquid ammonia, and liquid carbon dioxide, which will help reduce emissions and open new market opportunities," said Wang Lei, head of the LNG technology research institute of Hudong-Zhonghua.

As the global shipbuilding industry faces intensifying competition and shifting environmental regulations, Chinese shipbuilders are accelerating their technological innovation to stay ahead of the curve.

"We have the necessary technologies in place and can swiftly begin development once we receive orders for these types of vessels. We already hold certification from classification societies, and our research and development for vessels powered by liquid hydrogen, ammonia, and carbon dioxide are now ready for market release," Wang added.

In 2024, China's share of green ship orders reached 78.5 percent globally, covering all major vessel types, underscoring the country's dominance in the sector.

China's shipbuilding sector maintained its global leadership in 2024, ranking first for the 15th consecutive year in completed shipbuilding volume, new orders, and orders on hand, accounting for 55.7 percent, 74.1 percent, and 63.1 percent of the global total, respectively, data from the Ministry of Industry and Information Technology showed on Tuesday.

China's shipbuilding industry charts new course with eco-friendly vessels

China's shipbuilding industry charts new course with eco-friendly vessels

Both the South Korean and Japanese markets buckled on Tuesday, the last trading day of March, witnessing equities plunge to their worst monthly downturn since October 2008.

The benchmark Nikkei 225 Index ended down 1.58 percent to close at 51,063.72, bringing its cumulative loss in March to 13.2 percent.

The broader Topix index, meanwhile, finished 44.48 points, or 1.26 percent lower at 3,497.86.

In addition, South Korea's benchmark KOSPI plunged 4.26 percent to close at 5052.46, bringing its cumulative loss in March to 19.08 percent, the worst monthly performances since the 2008 global financial crisis.

Japanese, South Korean stocks slide to worst month since 2008

Japanese, South Korean stocks slide to worst month since 2008

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