China’s shipbuilding output declined by 20pc in the first five months (January to May) to 13.32mn dwt from the previous year period, according to the Association of China’s National Shipbuilding Industry Association. Globally, the demand for new ships has remained sluggish.
China’s new shipbuilding orders declined by 1.2pc to 11.58mn dwt from a year ago. At the end of May, orders in hand dropped by 5.3pc to 79.92mn dwt from the end of 2019.
In the first five months, China’s ship exports were down by 21pc to 12.31mn dwt from the same period last year. China’s in process ship orders declined by 1.7pc to 10.66mn dwt from the previous year. At the end of May, export orders in hand were 73.84mn dwt down by 3.6pc from a year ago.
Exports accounted for 92.4pc of total shipbuilding completed, 92.1pc of newly received orders and 92.4pc of orders in hand in January to May period, while China accounted for 36.2pc of the total shipbuilding completion and 67.2pc of new orders, globally.