Shipbuilding output, new contracts, and orders on hand of China maintained double-digit growth in the first half of this year.

Chinese shipbuilding yards received 55.22 million dwt of newbuilding orders in the first half of 2024 up 43.9% year-on-year buoyed by tanker orders, including VLCCs, and resurgence in container ship orders.

New contracts at Chinese yards have pushed the total orderbook to 171.55 million dwt up 38.6% year-on-year.

Output at the country’s shipbuilders was also up 18.4% at 25.02 million dwt. Chinese shipbuilders have bolstered their labour force with workers from the construction sector that has experienced a slump in activity and a number of yards are also expanding facilities.

Shipbuilding export volume, newly-received export shipbuilding orders and export orders on hand accounted for 89.1%, 93.5% and 93.6% of national volume respectively. Total ship export value was $20.67 billion.