More than 70 percent of global shipbuilding orders are now flowing into China as the country’s shipping industry has seen a robust demand for new vessels with bustling maritime trade, reports PortNews.
“So far, we have delivered five high-end container ship products in the first half of the year, and we will deliver another two container ships in the second half,” said Liu Xuedong, deputy general manager of Hudong-Zhonghua Changxing Shipbuilding.
Latest data from WTO
The latest data from the World Trade Organization (WTO) showed that the volume of global merchandise trade turned to growth in the first quarter of 2024 after being flat for the whole year of 2023. With the global trade improving, the demand for ships is mounting.
China leads in new orders for 14 out of 18 major ship types worldwide, with container ship orders capturing a remarkable 97.5 percent of the global market share.
Industry insiders note that the demand for car shipping has been rising, although the supply of car transport vessels remains tight in the short term.
With all those three key indicators of the shipbuilding industry rising, China remains at the forefront globally.
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Source: Port News
