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China's Shipping Industry presents robust growth and global leadership reinforced by technological innovation and market expansion.
In the first half of 2024, China's shipping industry demonstrated robust growth, as revealed by the Ministry of Industry and Information Technology in the country. Among the main indicators released, the significant increase in the production of deadweight tons and the number of orders in the backlog stands out.
Production growth and orders
During the first six months of the year, Chinese naval production reached 25,02 million deadweight tons, marking an increase of 18,4% compared to the same period of the previous year.
Furthermore, the number of orders in hand reached 171,55 million tonnes of deadweight, representing an even more significant growth of 38,6%.
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The most recent data reaffirms China's position as a world leader in the shipping industry.
The three main indicators — production, orders and percentage growth — place the country in a prominent position on the global stage, showing a consistent trend of growing.
In terms of specific development, Shanghai Waigaoqiao Shipbuilding, one of the country's main shipyards, stood out for its accelerated ship construction.
During the period under review, the company achieved a significant milestone by delivering 12 large vessels, including gas carriers and high-capacity containers.
Economic impact and international market for the Chinese naval industry
The increase in demand for new ships boosted not only domestic production, but also exports.
More than 70% of new shipbuilding orders globally are being directed to China, reflecting continued growth in exports of naval products.
In the first half of 2024, Chinese exports reached US$20,67 billion, representing a significant increase of 85,2% compared to the previous year.
A crucial aspect of the recent development of the Chinese shipping industry is the increasing adoption of environmentally friendly technologies.
The introduction of new fuels and the optimization of propulsion systems are aligned with the goals of reducing emissions and energy efficiency, driving the construction of greener and more efficient ships.
In light of these advances, the Chinese shipping industry projects to maintain its robust growth in the coming years.
Initiatives such as the “Action Plan for the Green Development of the Shipbuilding Industry” reflect the Chinese government’s commitment to the green and low-carbon transformation of the sector by 2030.
Production capacity of China's shipping industry and future challenges
The expansion of the Chinese shipping industry's production capacity reflects not only an increase in the number of orders, but also in the complexity and technology of the ships ordered.
High-technology and high-value-added ships, such as those designed to transport gas and containers, are becoming increasingly common in the country's shipyards.
This diversification in supply not only strengthens China's position in the global market, but also boosts the profits of companies in the sector, as highlighted by the Secretary-General of the China Shipping Industry Association, Li Yanqing.
The economic impact of manufacturing Chinese naval power extends beyond the country's borders, with its significant exports contributing to global trade. However, along with growth come environmental and regulatory challenges.
The transition to more environmentally friendly ships, although promising, requires continued investment in research and development of new technologies.
China is positioned to lead this change, as demonstrated by the growing share of new green ship orders in the international market.
Strategic planning
As the manufacturing Chinese naval ships enter a period of high prosperity, the challenges of maintaining the pace of production and ensuring the quality of deliveries become crucial.
The development of a green development system by 2025, as outlined by the Chinese government, aims to not only strengthen environmental sustainability, but also the global competitiveness of the sector.
Collaboration between different ministries and the private sector will be essential to achieving these ambitious goals, paving the way for a future where technological innovation and environmental responsibility go hand in hand in the Chinese shipping industry.
With a prosperity index that exceeded 140 points for the first time since 2012, the Chinese shipping industry entered the “high prosperity zone”, highlighting an environment conducive to investment and continued development.
Under the leadership of the Ministry of Industry and Information Technology, China continues to pave the way for sustainable and innovative growth in global shipbuilding.
