In 2021, the global economy struggled to recover as the pandemic raged worldwide. Now, as an index of economic recovery, the shipbuilding industry is in the spotlight showing encouraging growth despite tough times. China posted a shipbuilding output of 39.7 million (m) Deadweight tonnage (DWT), an increase of 3 percent year-on-year and the newly received shipbuilding order was about 67 m DWT, increasing 131.8 percent.
Leading global shipbuilding by CGT
According to data released by shipbroker Clarksons, China has taken the number-one spot in shipbuilding, overtaking South Korea for annual order volume by compensated gross tons (CGT).
Over the span of the year, China's shipbuilders raked in orders totaling about 22.8 million CGT, almost 50 percent of the global total of 45.7 million CGT. South Korean builders took in orders totaling 17.35 million CGT, or about 38 percent.
China dominated in sales of new container ships, a segment which has taken off thanks to a surge in consumer goods cargo.
Ranking first in 10 types of ships ordered
According to BUILT by CHINA, China's shipbuilding industry led the world in terms of orders for 10 out of 18 mainstream ship types in 2021.
Last year, the world's largest 24,000 twenty-feet equivalent unit (TEU) container ship built by China State Shipbuilding Corporation Ltd. (CSSC) was launched in Shanghai. And right now, the corporation has had orders for nearly 100 large container ships, of which 16 are being built.
In 2021, China's shipbuilding industry contracted bulk carriers of 32.19 m DWT, taking up 76.4 percent of the global total volume, and container ships of 27.38 m DWT, 60.9 percent of the global total.
In addition to these types of ships, China has also played an increasing role in the international market of high-tech and high value-added ships, especially its key breakthrough in the green-energy powered ships, including the duel-fuel powered ships.
Substantial increase in shipbuilders' orders
According to Seatrade Maritime News, at the end of December 2021, Chinese shipbuilders' order book showed 95 m DWT, increasing 34.8 percent year-on-year.
China's shipbuilding output, newly received orders and orders on hand accounted for 47.2 percent, 53.8 percent and 47.6 percent respectively of the global shipbuilding market share, increasing 4.1 percent, 5 percent and 2.9 percent compared with the numbers for 2020.
Six Chinese shipbuilding companies made the world's top ten list in 2021, further strengthening the nation's competitiveness in the global shipbuilding market.
CSSC ranked as the world's largest in 2021, bagging about 25m DWT shipbuilding orders, 130 billion RMB in total; delivering 206 vessels, totaling 17 m DWT; showing on hand orders of 41 m DWT, accounting for 21.5 percent, 20.2 percent and 20.5 percent of global market share, respectively.
The newly received order volume of CSSC was doubled from the annual target of 2021, hitting a record high since its best performance in 2008. Of these, 75.2 percent of the new orders were mid-to-high ship types.