China’s shipbuilding industry continues to solidify its position as a global powerhouse, with the nation now commanding nearly two-thirds of the world’s shipbuilding orders. This remarkable surge is driven by significant government support and strategic investments in the sector.
Since 2020, China’s merchant ship orderbook has witnessed a staggering 170% growth, eclipsing traditional shipbuilding giants like Japan and South Korea.
Data from industry leaders Intermodal and Clarksons Research reveals that China currently holds a dominant 65% share of global shipbuilding orders, a dramatic leap from its less than 10% share in 2000.
In contrast, the combined market share of Japan and South Korea has dwindled from 78% to 31% over the same period.
As of November 2024, China's order book stands at 3,256 vessels with a total carrying capacity of 224 million deadweight tons (DWT). This represents a 37% increase from 2023 and a substantial 72% rise from 2022, far outpacing the global orderbook growth of 21% in the past year.