China has reinforced its position as the world’s leading shipbuilder, securing 74.7% of global newbuilding orders by deadweight tonnage (DWT) in the first nine months of 2024.
Data released by China’s Ministry of Industry and Information Technology underscores this dominance, highlighting significant growth across multiple key metrics.
In the first three quarters of the year, China’s shipbuilding output reached 36.34 million DWT, an 18.2% increase year-over-year. New orders also surged, with Chinese shipbuilders securing 87.11 million DWT in contracts—a 51.9% rise compared to the same period last year. This increase has expanded China’s orderbook to 193.3 million DWT, a 44.3% growth year-over-year.
Chinese shipyards command over 50% of the global market across all major indicators: shipbuilding output represents 55.1% of the worldwide total, new orders account for 74.7%, and its orderbook makes up 61.4% of the global market share.
As shipowners increasingly seek eco-friendly solutions to reduce emissions, China has also captured more than 70% of global green ship orders in the first three quarters of 2024. These orders span a range of major vessel types and incorporate high-value, green technologies.
DNV’s Alternative Fuel Insight reported that 370 alternative-fueled vessels were ordered worldwide during this period.
Additionally, the Ministry’s data indicates that China held a leading position in newbuilding orders for 14 of the 18 major vessel types tracked globally in 2024, further solidifying its dominant position in the industry.
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