South Korean Media: China Secures 92% of Global Tanker Orders!
On June 25, South Korean media outlet NEWSPIM published an article stating that China has secured 92% of global tanker orders.
In the first quarter of this year, China received orders for 67 ultra-large crude oil tankers, accounting for 92% of the global total during the same period. It is reported that all vessels ordered by Chinese shipyards will be completed by 2030.
Recently, there has been a surge in tanker orders as countries rush to purchase tankers in an effort to reduce dependence on the Strait of Hormuz. This move aims to ensure the safety of shipping routes, even if it means longer voyages—consequently increasing demand for tankers. In fact, the majority of these orders have gone to Chinese shipyards.
Chinese-built tankers enjoy a competitive edge due to their short construction periods and low costs. Dalian Shipbuilding Industry Company stated that it takes only one year from keel-laying to delivery for an ultra-large crude oil tanker. The shortened construction timeline is attributed to the fact that over 85% of components used in Chinese tankers are domestically produced, significantly reducing procurement time.
It is estimated that China's shipbuilding costs are approximately 10% lower than those of shipyards in South Korea and Japan.
Meanwhile, China is also demonstrating strong capabilities in environmentally friendly vessel construction. Chinese shipyards are building ships powered by multiple fuels, including liquefied natural gas (LNG), liquefied petroleum gas (LPG), methanol, and ethane. In the first quarter of this year, China secured environmental-friendly vessel orders accounting for 80.2% of the global total.
In addition, a key advantage of Chinese shipyards lies in their ability to deliver on schedule without delays.
Meanwhile, data shows that in the first quarter of this year, China completed shipbuilding totaling 15.68 million deadweight tons, representing a 46% year-on-year increase. New orders surged by 195.2%, reaching 59.53 million deadweight tons. The number of vessels under construction also rose by 43.6% year-on-year, amounting to 322.3 million deadweight tons.
Original source: toutiao.com/article/1868969914784779/
Disclaimer: The views expressed in this article are solely those of the author.