China's shipbuilding sector retains top position worldwide

China's shipbuilding industry recorded simultaneous growth in three major indicators – output, new, and holding orders - in 2023, continuing to maintain its dominant spot in the global market share, according to data released by the Ministry of Industry and Information Technology on Monday.

China saw its shipbuilding output climb 11.8 percent year-on-year to 42.32 million deadweight tons (DWT) in 2023, accounting for 50.2 percent of the world's total.

In the meantime, new orders soared 56.4 percent on a yearly basis to 71.2 million DWT, taking up 66.6 percent of the world's total last year, said the ministry.

By the end of December, the industry's holding orders reached 139.39 million DWT, marking a significant 32 percent increase compared to the previous year. This volume accounted for a substantial 55 percent share of the global market.