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China's shipbuilding industry sees marked growth in orders in 2023, leading the world

China's shipbuilding industry achieved marked growth in 2023, as shipbuilding completions exceeded half of the global total, or reaching 50.2 percent, further solidifying the country's leading position in the shipbuilding sector, according to data released by the Ministry of Industry and Information Technology (MIIT) on Monday.

In 2023, China's shipbuilding completions totaled 42.32 million deadweight tons (dwt), representing an increase of 11.8 percent year-on-year. New orders amounted to 71.2 million dwt, a significant jump of 56.4 percent from last year. As of the end of December, the backlog of orders stood at 139.39 million dwt, which also saw an increase of 32 percent year-on-year, MIIT data showed.

In terms of global market share, three key indicators in China's shipbuilding industry, including completions, new orders received, and backlog of orders, had made significant progress, accounting for 50.2 percent, 66.6 percent, and 55.0 percent of the global total in terms of dwt, respectively. In terms of Compensated Gross Tonnage (CGT), these figures stood at 47.6 percent, 60.2percent, and 47.6 percent, respectively. 

The growing figures allowed China's shipbuilding industry to maintain its leading position globally, with the local shipbuilding sector thriving despite a global demand drop.

Chinese shipbuilding companies maintain the leading position in global market competition. Among the top 10 shipbuilding firms with the most shipbuilding completions, five of them are from China.

The significant growth achieved by China's shipbuilding industry in 2023, despite the global downturn in demand, demonstrates the country's resilience and competitiveness in the sector. This is attributed to a combination of factors including advanced technology  and green production.

China's shipbuilding industry achieved a breakthrough in the manufacturing of large cruise ships in 2023. The country's first domestically produced large cruise ship, the Adora Magic City, launched in June 2023 and embarked on its maiden commercial voyage on January 1, 2024.

To meet the demand for vehicle exports from local customers, several Chinese shipbuilding companies have started mass production of ro-ro- ships. Domestic ports are also improving related infrastructure. Taicang Port in East China's Jiangsu Province, invested over 2 billion yuan ($281 million) to build the largest automobile ro-ro- terminal, with an annual transport capacity of 1.3 million vehicles.

New market demand for environmentally friendly shipbuilding is being met in China. A Chinese shipbuilding company, Guangzhou Shipyard International Co, said that over 60 percent of its current orders are for methanol powered dual-fuel ships or liquefied natural gas fired dual-fuel models. Compared to traditional container ships, the ships can reduce carbon emissions by 20 percent while cutting 85 percent of nitrogen oxide and 99 percent of sulfur emissions.