BRS Group said in its latest annual report that China's shipbuilding industry is entering a new stage of expansion., adding approximately 200 ships to global capacity each year.
BRS analysts point to the increasing market share of major Chinese shipyards and a significant capacity expansion starting in 2024.
Data from BRS indicates that China’s total shipbuilding capacity will rise by 12% to 47.8 million deadweight tons in 2024.
The ratio of orders to annual capacity reached a record 5.5, up from 3.2 in 2022 and 3.8 in 2023. Analysts note that “most Chinese shipyards are fully booked for the next three to four years, with no slots available until the end of 2028.”
In 2024, China leads in new ship orders for bulk carriers, tankers, and container ships, with the exception of liquefied natural gas (LNG) carriers, where South Korea currently holds dominance.
The top five Chinese shipbuilding groups are projected to receive 179.9 million deadweight tons in new ship orders in 2024, accounting for 69% of total domestic orders and 46.5% of the global market, a rise from 33% in 2023.
China State Shipbuilding Corporation (CSSC) remains the top group, holding 34.2% of domestic and 23.0% of global newbuilding orders, totaling 48.2 million deadweight tons in 2024, which is 3.2 times the size of HD Hyundai’s orders.
New Times Shipbuilding and Yangzijiang Shipbuilding Group rank second and third with order books of 24.6 million DWT and 23.4 million DWT, respectively, representing 8.3% and 5.7% of the global market.
COSCO Shipping Heavy Industries ranks fourth with 8.8% of domestic and 5.9% of global orders.
Hengli Heavy Industries, a new entrant, has become the fifth largest in China with 19.9 million deadweight tons in orders over two years.
According to Clarkson, global shipbuilders received orders for 2,412 new ships totaling 65.81 million compensated gross tonnage (CGT) in 2024, a 34% increase from 2023 and the highest since 2007.
Chinese shipbuilders received orders for 46.45 million CGT (1,711 ships), holding a 70% market share, while South Korea received orders for 10.98 million CGT (250 ships) with a 17% share.
Seven of the world’s top ten monohull shipbuilders by order volume in 2024 are Chinese.
The China Association of the Shipbuilding Industry reports that in 2024, China’s shipbuilding completion volume, new orders, and hand-held orders accounted for 55.7%, 74.1%, and 63.1% of the global total in deadweight tons, and 50.3%, 68.2%, and 55.4% in CGT, respectively.
Exported ships accounted for 87.4%, 91.5%, and 93.1% of China’s shipbuilding completion, new orders, and hand-held orders, with an export value of US$43.38 billion (approximately RMB 317.45 billion).