China tops global shipbuilding rankings in Q3

China topped the global shipbuilding rankings in the third quarter of 2023, according to new data released on Thursday, with industry leaders hailing the technological innovations being made by both state-owned and private enterprises for driving this growth. 

The new figures from by the Ministry of Industry and Information Technology (MIIT), showed that China has seen increases across the three major indicators -- namely global output, new orders and existing orders -- showing the industry is on an upward trend.

The MIIT data showed that from July to September, China's shipyards produced 9.61 million deadweight tonnes (DWT) of ships, a year-on-year increase of 3.33 percent. Besides, the shipyards nationwide received new orders for vessels totaling 19.67 million DWT, 98.9 percent higher than that in the same period in 2022.  They are currently holding ship orders in hand with a combined capacity of 133.93 million DWT, up 30.6 percent.

"Looking at the data for the third quarter, we are leading the world in each of the three major indicators, with the numbers constantly increasing. The growth rate of new orders received in the third quarter exceeded the overall growth rate from January to September this year. It shows that the shipbuilding industry is maintaining a good situation," said Li Yanqing, the Secretary-General of China Association of the National Shipbuilding Industry.

At the same time, through the adoption of a series of new technologies and the overall improvement of shipbuilding capabilities, the efficiency and profitability of China's shipbuilding industry is also continuing to improve.

From January to August this year, the industry-wide revenue stood at 373.8 billion yuan (over 51.2 billion U.S. dollars), rising 23.2 percent year on year, while profits exceeded 12.8 billion yuan (1.75 billion U.S. dollars), registering an increase of 191 percent. 

The entire industry has seen a welcome increase in both production and income, which has been helped by the adoption of the latest tech innovations, according to Li.

"We have state-owned enterprises and private enterprises, making a concerted effort. China State Shipbuilding Corporation is now among the top shipbuilding groups in the world based on the three major indicators. By unswervingly implementing technological innovation, we have accurately kept up with the pace for this round of market growth," he said.

Source: CCTV