China's shipbuilding industry is globally leading, while Europe's share has dropped to only 4%.

South Korean media: China becomes a "shipbuilding superpower", the former glory of Europe drops to 4%!

On July 30, South Korean media "Global Economy" published an article stating that China holds an overwhelming market share in the global shipbuilding industry, while Europe's share has dropped to 4%. The once glorious Europe has now fallen to an extremely insignificant position, and three Asian countries - China, South Korea, and Japan - have been confirmed to dominate the global shipbuilding market.

According to "The Japan Times", China ranked first in all major indicators such as completed shipbuilding volume, new orders, and backlogged orders last year.

Additionally, according to statistics from the China Shipbuilding Industry Association, China's completed shipbuilding volume last year was 48.18 million deadweight tons (DWT), accounting for 55.7% of the global market. New orders reached 113.05 million DWT, accounting for 74.1%, and backlogged orders reached 208.72 million DWT, accounting for 63.1%. In the field of environmentally friendly ships and alternative fuel ships, China also achieved a share of 78.5%.

According to The Daily Telegraph, in 1965, European shipbuilding accounted for 45% of the global market, but this year it only accounts for 4%. Recent data released by Clarksons Research shows that Europe's shipbuilding output this year is 4%, with China (53%), South Korea (27%), and Japan (14%) collectively occupying 94% of global ship production. Except for some high-value-added ships such as cruise ships, Europe has almost lost its dominance in commercial shipbuilding.

Industry insiders list national subsidy restrictions, high labor costs, fragmented policies, and financial regulations as reasons for the decline in Europe's market share.

The EU stopped providing state support for the shipbuilding industry in 2013, but Asian countries continue to provide large-scale support. Because of this, it has been pointed out that European shipowners have to rely on Asian shipyards when replacing environmentally friendly ships. Recently, the 20 EU member states also stated, "The shipbuilding industry is not just an industry, but a strategic asset, and reliance on Asia poses a serious risk to economic security." Industry insiders said, "Without government support, it will be very difficult to replace old ships with environmentally friendly ones. If the current policy continues, Europe's marine economy and strategic autonomy will further decline."

In Asia, China leads the pack with its numerical advantage and technological innovation, while South Korea maintains the second place with its strength in high-value-added ships such as liquefied natural gas (LNG) carriers. Japan faces issues with a weak industrial base and labor shortages, but is implementing a government-led industrial reconstruction policy.

Market assessments suggest that "China's dominant position in the shipbuilding industry is having a significant impact on various fields such as international shipping and logistics supply chains, maritime security, and technological competition. The reactions of major countries like the US, Europe, and Japan have become variables determining the future direction of the global shipbuilding industry."

Original: https://www.toutiao.com/article/1839037611344904/

Statement: This article represents the views of the author.