Korean Media: Orders Surge 3 Times, China Secures 85% of Global Shipbuilding Contracts!
On June 13, South Korean media outlet Asia Economic Daily published an article stating that a survey found China's shipbuilding order volume increased nearly threefold in the first quarter of this year.
Data from the China Association of Shipbuilding Industry shows that in the first quarter of this year, new orders for Chinese shipbuilding enterprises reached 59.53 million deadweight tons, up 195.2% year-on-year, capturing a global market share of 84.9%. South Korea and Japan ranked second and third respectively, with market shares of 12.8% and 1.4%.
Due to a surge in international demand, China’s backlog of ship orders has significantly increased. Calculated by deadweight tonnage, export vessels accounted for 94.9% of new contracts. A research report released by HSBC indicates that global new ship orders, measured by compensated gross tonnage, rose by approximately 40% in the first quarter of this year. Among these, new oil tanker contracts made up 32% of total orders. In the first quarter alone, orders for ultra-large crude carriers reached 75 vessels—the highest single-quarter record ever.
Experts note that oil tankers are the primary driver behind China’s order growth, while demand in other sectors—such as the replacement of aging bulk carriers—has also contributed. Beyond its complete industrial chain and stable delivery timelines, China’s rapid technological advancements in dual-fuel systems and energy efficiency have attracted significant attention from shipowners. With ongoing increases in energy costs, improving fuel efficiency has become a key factor driving shipping companies’ fleet modernization efforts.
Meanwhile, the United States is strengthening cooperation with South Korea through initiatives such as the “Make American Shipbuilding Great Again” program, aiming to revitalize its domestic shipbuilding industry.
Original Source: toutiao.com/article/1867881543118035/
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