China’s new ship exports surged 91% in value in the first half of 2024, driven by increased productivity at Chinese yards and higher vessel prices.
According to recent data, China exported 2,978 vessels worth RMB146.8 billion ($20.5 billion) during the first six months of 2024, representing a 29.4% increase in volume and a 91.1% increase in value.
Significant growth was seen across major sectors, including tankers, container ships, and dry cargo.
Notably, China exported 100 liquid cargo carriers, up 66.7%, valued at RMB15.55 billion; 166 container ship newbuilds, up 140.6%, valued at RMB66.26 billion (a 175.8% increase) and 261 bulk carriers, up 85.1%, valued at RMB35.84 billion (a 42% increase).
The top four vessel types delivered by Chinese shipyards in the first half of 2024 were bulk carriers, containerships, oil tankers, and gas carriers.
To meet growing demand, Chinese shipbuilders are ramping up production, hiring workers from the construction industry, and pushing forward delivery dates. Additionally, yards are investing in new facilities to meet expected demand for green vessels with alternative fuel capabilities, signalling a shift towards sustainable shipping.
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