China Dominates With 70% of Global Green Ship Orders

China Dominates With 70% of Global Green Ship Orders

As shipowners seek environmentally friendly solutions to lower emissions, China has secured over 70% of global green ship orders in the first three quarters of 2024.

China’s Ministry of Industry and Information Technology (MIIT) released statistics for the first nine months of the country’s shipbuilding output, which showed a year-on-year increase of 18.2%.

China completed 36.34 million deadweight tons (DWT) in shipbuilding, while securing 87.11 million DWT in new orders, up 51.9%. By the end of September, total orders reached 193.3 million DWT - a 44.3% rise.

Deputy General Manager of Jiangnan Shipyard Co., Lin Qingshan, said: “In the first three quarters of 2024, we received 40 billion yuan ($5.5 billion) in civilian orders, the highest in our history. With the current tech-driven market boom, we are highly optimistic about the future”.

Data from the MIIT showed China’s newbuilding orders for 14 different vessel types continued to hold a top position globally among 18 major vessel types. During this 9-month period, China achieved 55.1% of global ship completions, 74.7% of new orders, and 61.4% of global holding orders, according to the MIIT.

Most notably however was their domination of global green ship orders, with more than 70% accredited to the country across all major vessel types. Environmentally-friendly technology, high-value ships, and proprietary innovations have become a key trend for China’s shipbuilding sector.

Executive Deputy Editor-in-chief of Modernization of Management magazine, Bian Yongzu, told the Global Times: “This success is attributed to China's strong capabilities and the country's rapid advancements in shipbuilding technology, especially in high-tech and green shipbuilding, in which China now leads the world”.

Bian highlighted that another of China’s key factors is their extensive and well-established supply chain, capable of supporting the industry by ensuring timely deliveries and cost reduction.

“This has significantly boosted the international competitiveness of China's shipbuilders,” Bian added. “Trade protectionism has weakened global shipbuilding industries, while China's strong industrial ecosystem and manufacturing capabilities have boosted its position, driving a surge in international orders for Chinese-made ships”.

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Author
Anthony York
Date
19/12/2024
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