China's shipbuilding becomes more competitive

As of the end of October, orders for ships have reached 104.44 million deadweight tons in China since the beginning of this year, up 6.5 percent from a year earlier, according to the China Association of the National Shipbuilding Industry, Economic Daily reported on Thursday.

Zheng Yiming who is in charge of the statistics and information department of the CANS, said that from January to October, China's shipbuilding output, newly received orders and orders on hand accounted for 45.8 percent, 54.3 percent and 48.7 percent of the global total in terms of deadweight tons, respectively, ranking first in the world, indicating that China still holds a large share of the international market.

He noted with thanks to the country's complete shipbuilding system, China is able to build all types of ships in the field of merchant shipping, which can keep up with the market demand.

In addition, among the 18 major ship types in the world, China ranks first in the world in terms of new orders received in 10 ship types, Zheng added.

It is noteworthy that from January to September, the national shipbuilding completed volume reached 9.16 million revised gross tons, a year-on-year growth of 6.5 percent. The corrected gross ton/deadweight ton ratio of new ship orders, which is usually used to compare the proportion of high value-added ship types under different units, was 0.47 in the first nine months and 0.38 in 2021. This shows that the proportion of delivery of high technology and high value-added ships has gradually increased.

Among them, LNG ship known as the shipbuilding industry crown pearl has eye-catching performance. As of the end of September, Chinese shipping companies have undertaken 36 large LNG ships, accounting for 27.7 percent of the world's total, the highest level in history.