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China Remains At The Top In The Global Shipbuilding Market

Dominating the Waves: China Maintains Its Leadership in the Global Shipbuilding Market

China continued to be the leading shipbuilder in the world in 2022, securing the largest market share and registering breakthroughs in high-end models of ships.

The nation reportedly topped the globe in major indicators, contributing about 47.3 % of global output, receiving about 55.2% of new orders, and having 49% of holding charges, data sourced from the Ministry of Industry and Information Technology reflected.

2022 marked the 13th year for ship manufacturers from China to hold the greatest share of global markets. Six firms ranked as the world's top 10 shipbuilding enterprises.

Seizing opportunities from rising global shipping demands, particularly for natural gas and crude oil, amid the ongoing COVID-19 pandemic, China consolidated its position as a significant shipbuilder worldwide. 

Three key shipbuilding clusters have reportedly emerged in regions surrounding the Yangtze River Delta, Pearl River Delta, and Bohai Rim.

With the greatest shipbuilding market share, China has been moving briskly to become a manufacturer of quality.

Solid progress was noted, especially in yielding liquefied natural gas (LNG) tankers, a type of high-end vessel equipped with tanks that ensure the gas is maintained in a liquid state at minus 160 degrees Celsius.

Chinese firms reportedly received 55 LNG carrier orders in 2022, accounting for over 30% of the total, a record high for the entire nation. Cao mentioned that it’s a significant breakthrough.

The shipbuilding orders to Hudong-Zhonghua Shipbuilding (Group) Co., Ltd., a subsidiary of China’s largest shipbuilding firm named, China State Shipbuilding Corporation, are piling super high, with production scheduled until 2028. 

The firm reportedly planned to start the construction of nine LNG ships in 2022 and allegedly delivered four.

Besides LNG vessels, China made headway in producing other high-end vessels and marine engineering equipment.

In 2022, China started the construction of its second large cruise vessel and delivered the world’s first-ever 100,000-ton intelligent aquaculture ship and super-large container vessels with a TEU capacity of 24,000.

China’s shipbuilding sector is consistently pushing forward structural adjustments of products and moving toward high-end manufacturing, explained Li Yanqing, CANSI’s secretary-general.