Chinese Shipbuilding Industry Achieves Strategic Dominance in Global Market
The Chinese shipbuilding industry has achieved strategic dominance in the global market, capturing 70% of new orders in 2024, primarily for technologically advanced and energy-efficient vessels. Recent milestones include the delivery of the LNG carrier Ocean Oasis by Hudong-Zhonghua Shipbuilding Group, which was completed ahead of schedule, and a projected 12% increase in total shipbuilding capacity by 2028. The sector's revitalization is further supported by new private ventures and the reopening of older shipyards.
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The Chinese shipbuilding industry has gained strategic dominance in the global market, focusing on technologically advanced and energy-efficient 'green' vessels. Recent data shows Chinese shipyards hold a majority of new global orders, surpassing traditional leaders.
Hudong-Zhonghua Shipbuilding Group delivered the LNG carrier Ocean Oasis, highlighting a doubled production capacity for LNG ships during the 14th Five-Year Plan (2021-2025). Since January, 13 large LNG carriers were completed, with 11 delivered.
The Ocean Oasis was built in 16 months, three and a half months ahead of schedule. New private ventures, such as Shandong Dadong Shipbuilding, and the acquisition and reopening of old shipyards like Shandong Fuerdun Shipbuilding emphasize the sector's revitalization.
China accounted for 70% of new global orders in 2024, with 87.4% of ships built for export. The total shipbuilding capacity is projected to rise by 12% to 47.8 million dwt, with a high demand extending through 2028.
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