China's shipbuilding industry continues to reign supreme, holding the top spot in all three major shipbuilding indicators for the 15th consecutive year, according to data released by the Ministry of Industry and Information Technology (MIIT) and reported by CCTV on Thursday.
In 2024, China accounted for a 55.7% of global shipbuilding completion volume. This dominance extends to new orders, where China captured a 74.1% of the global market share, and orders on hand, where they held 63.1%.
Looking at tonnage, China's shipbuilding industry saw significant growth. They completed 48.18 million tons of ships, a 13.8% increase year-on-year. New orders rised by 58.8% to 113.05 million tons, and orders on hand reached 208.72 million tons, reflecting a 49.7% year-on-year increase.
According to data from the General Administration of Customs, the country exported 5,804 ships in 2024, a 25.1% increase from the previous year. The export value reached a $43.38 billion, representing a significant 57.3% year-on-year growth.
"China can now build nearly all advanced types of ships, from massive 24,000-TEU container vessels to LNG carriers and cruise ships," said Zheng Ping, chief analyst at industry portal chineseport.cn, to the Global Times.
China's new shipbuilding orders for green power vessels have surged from 31.5% in 2021 to a 78.5% in 2024, as reported by CCTV.